Virginia Administrative Code › Title 9 - ENVIRONMENT › Agency 25 - STATE WATER CONTROL BOARD › Chapter 640 - ABOVEGROUND STORAGE TANK AND PIPELINE FACILITY FINANCIAL RESPONSIBILITY REQUIREMENTS › Section 9VAC25-640-170 - Recordkeeping

Current through Register Vol. 40, No. 24, July 15, 2024
A. Operators shall
				maintain evidence of all financial assurance mechanisms used to demonstrate
				financial responsibility under this chapter for an aboveground storage tank or
				pipeline, or both, until released from the requirements of this regulation
				under
				9VAC25-640-190.
				An operator shall maintain such evidence at the aboveground storage tank site
				or the operator's place of work in this Commonwealth. Records maintained
				off-site shall be made available upon request of the department.
B. Operators shall maintain the following
				types of evidence of financial responsibility:
1. An operator using an assurance mechanism
				specified in
				9VAC25-640-70
				through
				9VAC25-640-120 shall
				maintain the original instrument worded as specified.
2. An operator using a financial test or
				guarantee shall maintain (i) the chief financial officer's letter, and (ii)
				year-end financial statements for the most recent completed financial reporting
				year or the Dun and Bradstreet rating on which the chief financial officer's
				letter was based. Such evidence shall be on file no later than 120 days after
				the close of the financial reporting year.
3. An operator using an insurance policy or
				group self-insurance pool coverage shall maintain a copy of the signed
				insurance policy or group self-insurance pool coverage policy, with the
				endorsement or certificate of insurance and any amendments to the
				agreements.
4.
a. An operator using an assurance mechanism
				specified in
				9VAC25-640-70
				through
				9VAC25-640-120 shall
				maintain an original certification of financial responsibility worded
				identically as specified in Appendix IX, except that instructions in brackets
				are to be replaced with the relevant information and the brackets deleted.
b. The operator shall maintain a
				new original certification at or before the time specified in
				9VAC25-640-160
				or whenever the financial assurance mechanisms used to demonstrate financial
				responsibility changes.
5. For submissions required under
				9VAC25-640-160:
a. The operator must provide an insurance
				endorsement or certificate, or a notice of extension from the provider of
				financial assurance evidencing continuation of coverage in lieu of a new
				original surety bond or letter of credit, provided the form of the insurance
				endorsement or certificate, or notice of extension is approved by the
				department;
b. The operator need
				not provide a new original guarantee, letter of credit, certificate of deposit,
				or trust fund, provided the same mechanism is to continue to act as the
				operator's demonstration mechanism for the subsequent year or years;
c. The operator must provide a new original
				mechanism as specified in subdivision 2 of this subsection;
d. The operator need not provide a new
				original certification of acknowledgment, provided the associated trust
				agreement has not changed;
e. The
				operator must provide a new original certification of financial
				responsibility.