NR 661.0147(7)(a)(a) Subject to par. (b), an owner or operator may meet the requirements of this section by obtaining a written guarantee, hereinafter referred to as “guarantee.” The guarantor shall be the direct or higher-tier parent corporation of the owner or operator, a firm whose parent corporation is also the parent corporation of the owner or operator, or a firm with a “substantial business relationship” with the owner or operator. The guarantor shall meet the requirements for owners or operators under sub. (6) (a) to (f). The wording of the guarantee shall be identical to the wording specified in s. NR 661.0151 (7) (b). A certified copy of the guarantee shall accompany the items sent to the department as specified in sub. (6) (c). One of these items shall be the letter from the guarantor’s chief financial officer. If the guarantor’s parent corporation is also the parent corporation of the owner or operator, this letter shall describe the value received in consideration of the guarantee. If the guarantor is a firm with a “substantial business relationship” with the owner or operator, this letter shall describe this “substantial business relationship” and the value received in consideration of the guarantee. NR 661.0147(7)(a)1.1. If the owner or operator fails to satisfy a judgment based on a determination of liability for bodily injury or property damage to third parties caused by sudden or non-sudden accidental occurrences, or both as the case may be, arising from the operation of facilities covered by this corporate guarantee, or fails to pay an amount agreed to in settlement of claims arising from or alleged to arise from such injury or damage, the guarantor will do so up to the limits of coverage. NR 661.0147(7)(b)1.1. In the case of corporations incorporated in the United States, a guarantee may be used to satisfy the requirements of this section only if the attorneys general or insurance commissioners of the following states have submitted a written statement to the department that a guarantee executed as described in this section and s. NR 661.0151 (7) (b) is a legally valid and enforceable obligation in that state: NR 661.0147(7)(b)2.2. In the case of corporations incorporated outside the United States, a guarantee may be used to satisfy the requirements of this section only if all of the following conditions are met: NR 661.0147(7)(b)2.a.a. The non-U.S. corporation has identified a registered agent for service of process in each state in which a facility covered by the guarantee is located and in the state in which it has its principal place of business. NR 661.0147(7)(b)2.b.b. The attorney general or insurance commissioner of each state in which a facility covered by the guarantee is located and the state in which the guarantor corporation has its principal place of business, has submitted a written statement to the department that a guarantee executed as described in this section and s. NR 661.0151 (7) (b) is a legally valid and enforceable obligation in that state. NR 661.0147(8)(a)(a) An owner or operator may satisfy the requirements of this section by obtaining an irrevocable standby letter of credit that conforms to the requirements of this subsection and submitting a copy of the letter of credit to the department. NR 661.0147(8)(b)(b) The financial institution issuing the letter of credit shall be an entity that has the authority to issue letters of credit and whose letter of credit operations are regulated and examined by a federal or state agency. NR 661.0147(8)(d)(d) An owner or operator who uses a letter of credit to satisfy the requirements of this section may also establish a standby trust fund. Under the terms of the letter of credit, all amounts paid pursuant to a draft by the trustee of the standby trust will be deposited by the issuing institution into the standby trust in accordance with instructions from the trustee. 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 or state agency. NR 661.0147(9)(a)(a) An owner or operator may satisfy the requirements of this section by obtaining a surety bond that conforms to the requirements of this subsection and submitting a copy of the bond to the department. NR 661.0147(9)(b)(b) The surety company issuing the bond shall be among those listed as acceptable sureties on federal bonds in the most recent Circular 570 of the U.S. department of the treasury. NR 661.0147(9)(d)(d) A surety bond may be used to satisfy the requirements of this section only if the attorneys general or insurance commissioners of the following states have submitted a written statement to the department that a surety bond executed as described in this section and s. NR 661.0151 (7) (b) is a legally valid and enforceable obligation in that state: NR 661.0147(10)(a)(a) An owner or operator may satisfy the requirements of this section by establishing a trust fund that conforms to the requirements of this subsection and submitting an originally signed duplicate of the trust agreement to the department. NR 661.0147(10)(b)(b) 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 or state agency. NR 661.0147(10)(c)(c) The trust fund for liability coverage shall be funded for the full amount of the liability coverage to be provided by the trust fund before it may be relied upon to satisfy the requirements of this section. If at any time after the trust fund is created the amount of funds in the trust fund is reduced below the full amount of the liability coverage to be provided, the owner or operator, by the anniversary date of the establishment of the fund, shall either add sufficient funds to the trust fund to cause its value to equal the full amount of liability coverage to be provided, or obtain other financial assurance as specified in this section to cover the difference. For the purposes of this paragraph, “the full amount of the liability coverage to be provided” means the amount of coverage for sudden or non-sudden occurrences, or both, required to be provided by the owner or operator by this section, less the amount of financial assurance for liability coverage that is being provided by other financial assurance mechanisms being used to demonstrate financial assurance by the owner or operator. NR 661.0147 HistoryHistory: CR 19-082: cr. Register August 2020 No. 776, eff. 9-1-20; correction in (2) (f), (10) (c) made under s. 13.92 (4) (b) 7., Stats., and correction in (6) (c) 3., (10) (c) made under s. 35.17, Stats., Register August 2020 No. 776; correction in (7) (b) 2. b. made under s. 13.92 (4) (b) 7., Stats., Register April 2021 No. 784. NR 661.0148NR 661.0148 Incapacity of owners or operators, guarantors, or financial institutions.