020-1 Wyo. Code R. § 1-63

Current through April 27, 2019

Section 1-63 - Replenish Guarantee, Letter of Credit, or Surety Bonds

(a) Any time after a financial assurance mechanism is drawn on by the administrator below the full amount of required coverage, the owner and/or operator shall:

(i) By the anniversary date of the financial mechanism, replenish the value of financial assurance to equal the full amount of required coverage; or

(ii) By the anniversary date of the financial mechanism, acquire another financial assurance mechanism for the amount by which funds have been reduced; or

(iii) Within 30 days of the withdrawal of the deductible amount required under the state fund mechanism, replenish the value of the required deductible coverage.

(b) If at any time after a standby trust fund is funded upon the instruction of the administrator with funds drawn from a guarantee, letter of credit, or surety bond, and the amount in the standby trust is reduced below the full amount of coverage required, the owner and/or operator shall by the anniversary date of the financial mechanism from which the funds were drawn:

(i) Replenish the value of financial assurance to equal the full amount of coverage required; or

(ii) Acquire another financial assurance mechanism for the amount by which funds in the standby trust have been reduced.

(c) For purposes of this Section, the full amount of coverage required is the amount of coverage to be provided by Section 53. If a combination of mechanisms is used to provide the assurance funds which are drawn upon, replenishment shall occur by the date of the mechanism with the earliest anniversary date.

020-1 Wyo. Code R. § 1-63

Adopted, Eff. 6/29/2018.