S.C. Code Regs. § § 61-92.280.H.102

Current through Register Vol. 48, No. 10, October 25, 2024

Section 61-92.280.H.102 - TRUST FUND

(a) An owner or operator may satisfy the requirements of Section 280.93 by establishing a trust fund that conforms to the requirements of this section. The trustee must 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 a South Carolina agency.

(b) The wording of the trust agreement must be identical to the wording specified in Section 280.103(b)(1), and must be accompanied by a formal certification of acknowledgment as specified in Section 280.103(b)(2).

(c) The trust fund, when established, must 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.

(d) If the value of the trust fund is greater than the required amount of coverage, the owner or operator may submit a written request to the Department for release of the excess.

(e) If other financial assurance as specified in this subpart is substituted for all or part of the trust fund, the owner or operator may submit a written request to the Department for release of the excess.

(f) Within 60 days after receiving a request from the owner or operator for release of funds as specified in paragraphs (d) or (e) of this section, the Department will instruct the trustee to release to the owner or operator such funds as the Department specifies in writing.

S.C. Code Regs. § 61-92.280.H.102

Added by State Register Volume 19, Issue No. 9, eff September 22, 1995; State Register Volume 41, Issue No. 05, eff. 5/26/2017.