Section Env-Or 606.21 - Financial Assurance Mechanisms(a) Financial assurance required pursuant to Env-Or 606.20(a) shall be provided in one, or any combination, of the following forms: (1) An irrevocable letter of credit issued for a period of at least one year from an institution whose operations are regulated and examined by a federal or New Hampshire state agency;(2) An insurance policy, except that insurance issued by an affiliated captive insurance company shall not be acceptable;(3) A surety bond issued by a surety company listed as an acceptable surety on federal bonds in Circular 570 of the U.S. Department of the Treasury;(4) A trust fund established in accordance with the laws of the state of New Hampshire; or(5) An alternate mechanism agreed to by the responsible party and the department that will ensure that the funds necessary to meet the remediation costs are available when they are needed.(b) f using a surety bond, insurance policy, or letter of credit, the responsible party shall also establish a standby trust to receive the proceeds of the surety bond, insurance policy, or letter of credit.(c) Each financial assurance instrument specified in (a) and (b), above, shall specifically identify the state of New Hampshire as the beneficiary.(d) Funds held in trust accounts may be invested, but shall provide for the preservation of principal.(e) Financial assurance documents shall be as described in 40 CFR 264.151, as applicable.(f) Letters of credit shall include a provision to automatically extend the expiration date by at least one year unless the issuing institution notifies the responsible party and the department by certified mail, return receipt requested, of a decision to not extend the expiration date at least 120 days before the current expiration date.(g) Insurance policies and surety bonds shall include a provision to prohibit any cancellation without prior notice of cancellation being sent to the responsible party and the department by certified mail, return receipt requested, at least 120 days before the effective date of cancellation.N.H. Admin. Code § Env-Or 606.21
(See Revision Note at chapter heading for Env-Or 600) #8812, eff 2-1-07
Amended by Volume XXXV Number 23, Filed June 11, 2015 , Proposed by #10831, Effective 6/1/2015, Expires6/1/2025.