Financial assurance arrangements

Each licensee or applicant for a specific license shall post with the department financial assurance, or security, to ensure the protection of the public health and safety and the environment in the event of abandonment, default, or other inability or unwillingness of the licensee to meet the requirements of article 33.1-10 and North Dakota Century Code chapter 23.1-03. Financial assurance arrangements shall: 1. Consist of surety bonds, government securities, irrevocable letters of credit, corporate guarantees, insurance, state funds, or any combination of these; 2. Be in an amount sufficient to meet the applicant's or licensee's obligations under article 33.1-10 and North Dakota Century Code chapter 23.1-03 and shall be based upon department approved cost estimates; 3. Be established prior to issuance of the license or the commencement of operations to assure that sufficient funds will be available to carry out the decontamination and decommissioning of the facility; 4. Be continuous for the duration of the license and for a period coincident with the applicant or licensee's responsibility under article 33.1-10 and North Dakota Century Code chapter 23.1-03; 5. Be available in North Dakota subject to judicial process and execution in the event required for the purposes set forth; and 6. Be established within ninety days of the initial effective date of this chapter for licenses in effect on that date.