7 Del. Admin. Code § 1352-D-10.0

Current through Register Vol. 28, No. 7, January 1, 2025

Section 1352-D-10.0 - Trust Fund

10.1 Requirements for Use of Trust Fund to Comply with Financial Responsibility

10.1.1 An Owner or Operator may satisfy the requirements of PART D, Section 3.0 by establishing 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.

10.1.2 The wording of the trust agreement shall be identical to the wording specified in PART D, Section 26.0, Form G except that instructions in brackets are to be replaced with the relevant information and the brackets deleted, and shall be accompanied by a formal certification of acknowledgment as specified in PART D, Section 26.0, Form G.

10.1.3 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 mechanism(s) that provide the remaining required coverage.

10.1.4 If the value of the trust fund is greater than the required amount of coverage, the Owner or Operator may submit a written request by verifiable service to the Secretary for release of the excess.

10.1.5 If other financial responsibility as specified in this Section is substituted for part of the trust fund, the Owner or Operator may submit a written request by verifiable service to the Secretary for release of the excess.

10.1.6 Within 60 days after receiving a request from the Owner or Operator for Release of funds as specified in PART D, subsection 10.1.4 or PART D, subsection 10.1.5, the Department will instruct the trustee to Release to the Owner or Operator such funds as the Department specifies in writing by verifiable service.

7 Del. Admin. Code § 1352-D-10.0

20 DE Reg. 815 (4/1/2017)
27 DE Reg. 536 (1/1/2024) (Final)