§ 143-215.94H. Financial responsibility. - North Carolina Statutes

§ 143‑215.94H. Financial responsibility.

(a)        The Departmentshall require each owner and operator of a petroleum underground storage tankwho is required to demonstrate financial responsibility under rules promulgatedby the United States Environmental Protection Agency pursuant to 42 U.S.C. §6991b(d) to maintain evidence of financial responsibility that is the lesserof:

(1)        The full amount ofthe financial responsibility that an owner or operator is required todemonstrate under rules promulgated by the United States EnvironmentalProtection Agency pursuant to 42 U.S.C. § 6991b(d).

(2)        The amounts requiredto be paid for by the owner or operator pursuant to G.S. 143‑215.94E(b)per occurrence for costs described in G.S. 143‑215.94B(b) and G.S. 143‑215.94B(b1)if costs are eligible to be paid under those subsections.

(b)        Financialresponsibility may be established in accordance with rules adopted by theCommission which shall provide that financial responsibility may be establishedby either insurance, guarantee, surety bond, letter of credit, qualification asa self‑insurer, or any combination thereof. The compliance date schedulefor demonstrating financial responsibility shall conform to the scheduleadopted by the Environmental Protection Agency.  (1987 (Reg. Sess., 1988), c.1035, s. 1; 1989, c. 652, s. 10; 1993, c. 402, s. 5; 2008‑195, s. 4; 2009‑570,s. 19.)