S.C. Code Regs. § § 61-92.280.H.94

Current through Register Vol. 48, No. 10, October 25, 2024

Section 61-92.280.H.94 - ALLOWABLE MECHANISMS AND COMBINATIONS OF MECHANISMS

(a) Subject to the limitations of paragraphs (b) and (c) of this section:

(1) An owner or operator, including a local government owner or operator, may use any one or combination of the mechanisms listed in Sections 280.95 through 280.103 to demonstrate financial responsibility under this subpart for one or more USTs; and

(2) A local government owner or operator may use any one or combination of the mechanisms listed in Sections 280.104 through 280.107 to demonstrate financial responsibility under this subpart for one or more USTs.

(b) An owner or operator may use a guarantee under Section 280.96 or surety bond under Section 280.98 to establish financial responsibility only if the South Carolina Attorney General has (have) submitted a written statement to the Department that a guarantee or surety bond executed as described in this section is a legally valid and enforceable obligation in South Carolina.

(c) An owner or operator may use self-insurance in combination with a guarantee only if, for the purpose of meeting the requirements of the financial test under this rule, the financial statements of the owner or operator are not consolidated with the financial statements of the guarantor.

S.C. Code Regs. § 61-92.280.H.94

Added by State Register Volume 19, Issue No. 9, eff September 22, 1995; State Register Volume 41, Issue No. 05, eff. 5/26/2017.