Section 1396.4l - Financial guarantees to insure reclamation; payments to the Remining Financial Assurance Fund(a) The department is authorized under this section to establish programs to provide financial guarantees to insure reclamation for qualified operators who reclaim abandoned mine lands through remining and to assess and collect payments from qualified operators who choose to purchase such financial guarantees. The financial guarantees are to be supported by a special account in the Remining Financial Assurance Fund. The department shall determine the total amount of financial guarantees that can be supported by the special account based on loss reserves established by the application of the historical rate of mine operator bond forfeitures plus a reasonable margin of safety. The department shall establish underwriting methods which are in keeping with the intent of this section. In promulgating proposed and final regulations, the Environmental Quality Board shall consider various factors, including, but not limited to, site eligibility, such as environmental hazards, safety hazards and the availability of coal reserves and operator eligibility, such as financial tests and criteria for participation in the program, including an operator's operating ratio, long-term financial stability, denial of coverage by surety bond companies, financial ratio, compliance history, length of time in business and any other factors indicative of an operator's ability to complete reclamation and payments into the fund under the program. Requirements for making payments into the fund shall be established in regulations promulgated by the Environmental Quality Board in order to assure the financial stability of the financial guarantees program and to provide adequate funds in case of forfeiture but will require no collateralization.(b) Premium payments will be deposited into the Remining Financial Assurance Fund and will be reserved in a special account to be used in case of operator forfeiture. When the special account becomes actuarially sound, excess payments may be used pursuant to section 18 (a.1) and (a.2). (c) Payments under this subsection shall excuse the operator from the requirement to post a bond under this act with respect to the remining permit for which payment is made.(d) The financial guarantees program may be discontinued immediately and notice published in the Pennsylvania Bulletin if twenty-five per cent or greater of the outstanding bond obligation for the financial guarantees program is subject to forfeiture. The special account established in the Remining Financial Assurance Fund for the financial guarantees program shall be the sole source of funds underwriting the financial guarantees program, and the Commonwealth shall not be obligated to expend any funds beyond the amount of the special account.1945, May 31, P.L. 1198, No. 418, § 4.12, added 1992, Dec. 18, P.L. 1384, No. 173, § 8, effective in 60 days. Amended 1996, May 22, P.L. 232, No. 43, § 5, effective in 60 days.