Section 144-220-N-26 - Financial assurance arrangementsPursuant to Part D, each licensee or applicant for a license under N.12 shall post with the Agency financial assurance, or security, to ensure the protection of the public health and safety and the environment in the event of abandonment, default, or other inability or unwillingness of the licensee to meet the requirements of the Act and this rule. Financial assurance arrangements shall be one of the methods listed in C.8 and:
A. Be in an amount sufficient to meet the applicant's or licensee's obligations under the Act and this rule and shall be based upon Agency approved cost estimates;B. Be established prior to issuance of the license or the commencement of operations to assure that sufficient funds will be available to carry out the decontamination and decommissioning of the facility;C. Be continuous for the duration of the license and for a period coincident with the applicant or licensee's responsibility under the Act and this rule;D. Be available in Maine subject to judicial process and execution in the event required for the purposes set forth; and E. Be established within 90 days of the effective date of this regulation for licenses in effect on that date.10-144 C.M.R. ch. 220, § N-26