ATCP 93.713(3)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.713(3)(b)1.1. Reference in the guarantee to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.713(4)(a)(a) An owner or operator who uses a guarantee to satisfy the requirements of s. ATCP 93.705 shall establish a standby trust fund when the guarantee is obtained. ATCP 93.713(4)(b)(b) Under the terms of the guarantee, all amounts paid by the guarantor under the guarantee shall be deposited directly into the standby trust fund in accordance with instructions from the department under s. ATCP 93.747. ATCP 93.713 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.715ATCP 93.715 Insurance and risk retention group coverage. ATCP 93.715(1)(1) To use insurance and risk retention group coverage to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall obtain liability insurance that conforms to the requirements of this section from a qualified insurer or risk retention group. Such insurance may be in the form of a separate insurance policy or an endorsement to a current insurance policy. ATCP 93.715(2)(2) “Termination,” as used in the forms required under this section, means only those changes that would result in a gap in coverage as where the insured has not obtained required coverage or has obtained required coverage with a different retroactive date than the retroactive date of the original policy. ATCP 93.715(3)(3) Each insurance policy shall be issued by an insurer or a risk retention group that is licensed to transact the business of insurance or eligible to provide insurance as an excess or surplus lines insurer in one or more states. ATCP 93.715(4)(a)(a) The instructions in brackets in the endorsement or certificate shall be replaced by the relevant information and the brackets deleted. ATCP 93.715(4)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.715(4)(b)1.1. Reference in the endorsement or certificate to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.715(6)(a)(a) If the insurer or group terminates coverage for any reason, the insurer or group shall notify the department of such termination at the same time the insured is notified. ATCP 93.715(6)(am)(am) If the operator is the insured and the insurance lapses or is terminated, the insurer or group shall notify the owner of the property at the same time the insured is notified. ATCP 93.715(6)(b)(b) If the insured allows coverage to lapse or changes insurers or groups, the insured shall notify the department within 10 days. ATCP 93.715 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.717(1)(1) To use a surety bond to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall obtain a surety bond that conforms to the requirements of this section. The surety company issuing the bond shall be listed as an acceptable surety on federal bonds in the latest Circular 570 of the U.S. department of the treasury. ATCP 93.717(2)(a)(a) The instructions in brackets in the surety bond shall be replaced by the relevant information and the brackets deleted. ATCP 93.717(2)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.717(2)(b)1.1. Reference in the surety bond to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.717(3)(3) Under the terms of the bond, the surety shall be liable on the bond obligation when the owner or operator fails to perform as guaranteed by the bond. In all cases, the surety’s liability is limited to the per-occurrence and annual aggregate penal sums. ATCP 93.717(4)(a)(a) The owner or operator who uses a surety bond to satisfy the requirements of s. ATCP 93.705 shall establish a standby trust fund when the surety bond is acquired. ATCP 93.717(4)(b)(b) Under the terms of the bond, all amounts paid by the surety under the bond shall be deposited directly into the standby trust fund in accordance with instructions from the department under s. ATCP 93.747. ATCP 93.717(5)(5) The owner of the property on which tanks are located has ultimate responsibility under this chapter and shall be listed as a co-beneficiary of any policy issued. ATCP 93.717 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.720(1)(1) To use a letter of credit to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall obtain an irrevocable standby letter of credit that conforms to the requirements of this section. The issuing institution shall be authorized to issue letters of credit in each state where the letters are used and the institution’s letter of credit operations shall be regulated and examined by a federal or state agency. ATCP 93.720(2)(a)(a) The instructions in brackets in the letter shall be replaced by the relevant information and the brackets deleted. ATCP 93.720(2)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.720(2)(b)1.1. Reference in the letter to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.720(3)(a)(a) An owner or operator who uses a letter of credit to satisfy the requirements of s. ATCP 93.705 shall also establish a standby trust fund when the letter of credit is acquired. ATCP 93.720(3)(b)(b) Under the terms of the letter of credit, all amounts paid pursuant to a draft by the department shall be deposited by the issuing institution directly into the standby trust fund in accordance with instructions from the department under s. ATCP 93.747. ATCP 93.720(4)(a)(a) The letter of credit shall be irrevocable with a term specified by the issuing institution. ATCP 93.720(4)(b)(b) The letter of credit shall provide that credit be automatically renewed for the same term as the original term, unless, at least 120 days before the current expiration date, the issuing institution notifies the owner or operator by certified mail of its decision not to renew the letter of credit. ATCP 93.720(4)(c)(c) Under the terms of the letter of credit, the 120 days shall begin on the date the owner or operator receives the notice as evidenced by the return receipt. ATCP 93.720 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.723(1)(1) To use a trust fund to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall establish a trust fund that conforms to the requirements of this section. 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. ATCP 93.723(2)(a)(a) The instructions in brackets in the agreement shall be replaced by the relevant information and the brackets deleted. ATCP 93.723(2)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.723(2)(b)1.1. Reference in the agreement to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.723(4)(4) 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 mechanisms that provide the remaining required coverage. ATCP 93.723(5)(5) 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. ATCP 93.723(6)(6) If other financial assurance as specified in this subchapter 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. ATCP 93.723(7)(7) Within 60 days after receiving a request from the owner or operator for release of funds as specified in sub. (5) or (6), the department shall instruct the trustee to release to the owner or operator such funds as the department specifies in writing. ATCP 93.723 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.725(1)(b)(b) The trustee of the standby trust fund 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. ATCP 93.725(2)(a)(a) The instructions in brackets in the agreement shall be replaced by the relevant information and the brackets deleted. ATCP 93.725(2)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.725(2)(b)1.1. Reference in the agreement to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.725(3)(3) The department shall instruct the trustee to refund the balance of the standby trust fund to the provider of financial assurance if the department determines that no additional corrective action costs or third-party liability claims will occur as a result of a release covered by the financial assurance mechanism for which the standby trust fund was established. ATCP 93.725(4)(4) An owner or operator may establish one trust fund as the depository mechanism for all funds assured in compliance with this section. ATCP 93.725 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.727ATCP 93.727 Local government bond rating test. ATCP 93.727(1)(a)(a) To use the bond rating test to meet the financial responsibility requirements of s. ATCP 93.705, a general purpose local government owner or operator or local government serving as a guarantor shall have a currently outstanding issue or issues of general obligation bonds of $1 million or more, excluding refunded obligations, with a Moody’s rating of Aaa, Aa, A, or Baa, or a Standard & Poor’s rating of AAA, AA, A, or BBB. ATCP 93.727(1)(b)(b) Where a local government has multiple outstanding issues, or where a local government’s bonds are rated by both Moody’s and Standard and Poor’s, the lowest rating shall be used to determine eligibility. ATCP 93.727(1)(c)(c) Bonds that are backed by credit enhancement other than municipal bond insurance may not be considered in determining the amount of applicable bonds outstanding.
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Department of Agriculture, Trade and Consumer Protection (ATCP)
Chs. ATCP 90-139; Trade and Consumer Protection
administrativecode/ATCP 93.717(2)(b)1.
administrativecode/ATCP 93.717(2)(b)1.
section
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