Trust Fund

PURPOSE: This rule describes the requirements for use of a trust fund for demonstrating financial responsibility. (1) An owner or operator may satisfy the financial responsibility requirements of 10 CSR 26-3.093 by establishing a trust fund that conforms to the requirements of this rule. The trustee shall be an entity that has the authority to act as a trustee and whose trust operations are regulated and examined by a federal agency or an agency of the state in which the fund is established. (A) The wording of the trust agreement shall be identical to the wording for a standby trust fund in 10 CSR 26-3.103(2) and shall be accompanied by a formal certification of acknowledgment for a standby trust fund in 10 CSR 26-3.103(3). (B) The trust fund, when established, shall be funded for the full required amount of coverage or funded for part of the required amount of coverage and used in combination with other mechanism(s) that provide the remaining required coverage. (C) If the value of the trust fund is greater than the required amount of coverage, the owner or operator may submit a written request to the director for release of the excess. (D) If other financial assurance as specified in 10 CSR 26-3.090–10 CSR 26-3.115 is substituted for all or part of the trust fund, the owner or operator may submit a written request to the director for release of the excess. (E) Within sixty (60) days after receiving a request from the owner or operator for release of funds as specified in subsection (1)(C) or (D) of this rule, the director will instruct the trustee to release to the owner or operator those funds the director specifies in writing. AUTHORITY: section 319.114, RSMo 2000.* This rule originally filed as 10 CSR 2011.102. Original rule filed Feb. 7, 1991, effective Aug. 30, 1991. Amended: Filed Aug. 3, 1993, effective April 9, 1994. Moved and amended: Filed April 15, 2011, effective Dec. 30, 2011. *Original authority: 319.114, RSMo 1989.