Trust fund

1. An owner or operator may satisfy the requirements of section 33.1-24-08-83 by establishing a trust fund that conforms to the requirements of this section. The trustee must 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. 2. The wording of the trust agreement must be identical to the wording specified in subdivision a of subsection 2 of section 33.1-24-08-93, and must be accompanied by a formal certification of acknowledgment as specified in subdivision b of subsection 2 of section 33.1-24-08-93. 3. The trust fund, when established, must 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 mechanisms that provide the remaining required coverage. 4. 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 department for release of the excess. 5. If other financial assurance as specified in sections 33.1-24-08-80 through 33.1-24-08-106 is substituted for all or part of the trust fund, the owner or operator may submit a written request to the department for release of the excess. 6. Within sixty days after receiving a request from the owner or operator for release of funds as specified in subsection 4 or 5, the department will instruct the trustee to release to the owner or operator such funds as the department specifies in writing.