Ariz. Admin. Code § 11-3-804

Current through Register Vol. 30, No. 25, June 21, 2024

Section R11-3-804 - Surety Bond

A. A responsible party may offer a surety bond as financial assurance required under the Act and this Chapter. The responsible party shall ensure a surety bond offered as financial assurance:

1. Is an indemnity agreement in a sum certain,

2. Is payable to the State of Arizona,

3. Is executed by the responsible party as principal,

4. Is on a form provided by or acceptable to the Inspector,

5. Remains in effect until released by the Inspector or canceled by the surety,

6. Is issued by an insurer authorized to transact surety business in Arizona under A.R.S. Title 20,

7. Has a power of attorney attached, and

8. Is signed by the principal and the surety's attorney-in-fact.

B. A surety bond offered as financial assurance under subsection (A) may include a provision allowing the surety to cancel the surety bond by providing 60 days' written notice to the Inspector. Within 45 days after receipt of written notice of cancellation of the surety bond, the responsible party shall provide the Inspector with evidence of new financial assurance approved by the Inspector.

Ariz. Admin. Code § R11-3-804

Adopted by final rulemaking at 25 A.A.R. 828, effective 5/11/2019.