329 IAC 9-8-25 Replenishment of guarantees, letters of credit, surety bonds, or certificates of deposit

Sec. 25. (a) If at any time after a standby trust is funded, upon the instruction of the commissioner, with funds drawn from a guarantee, local government guarantee with standby trust, letter of credit, surety bond, or certificate of deposit, and the amount in the standby trust is reduced below the full amount of coverage required, the owner or operator shall, by the anniversary date of the financial mechanism from which the funds were drawn or within one hundred twenty (120) days after the reduction has occurred, whichever is sooner: (1) replenish the value of financial assurance to equal the full amount of coverage required; or (2) acquire another financial assurance mechanism for the amount by which funds in the standby trust have been reduced. (b) As used in this section, "full amount of coverage required" means the amount of coverage to be provided by section 4 of this rule. If a combination of mechanisms is used to provide the assurance funds that are drawn upon, replenishment must occur by the earliest anniversary date among the mechanisms or within one hundred twenty (120) days after the reduction has occurred, whichever is sooner.