020-1 Wyo. Code R. §§ 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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.