Ariz. Admin. Code § 11-3-811

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

Section R11-3-811 - Annuity

A. A responsible party may satisfy the financial assurance requirements in the Act and this Chapter by obtaining an annuity that:

1. Meets the requirements of this Section, and

2. Names the State of Arizona as beneficiary.

B. The responsible party shall ensure the annuity is provided by an insurance company that:

1. Is licensed in Arizona or holds an approved non-admitted status on the Arizona Department of Insurance List of Qualified Unauthorized Insurers; and

2. Has an "A.M. Best" rating of not less than A-VII.

C. The responsible party shall ensure any incremental or annual payment for the annuity is in an amount adequate to pay all costs to reclaim surface disturbances created during the incremental or annual period.

Ariz. Admin. Code § R11-3-811

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