CHAPTER 8. FINANCIAL RESPONSIBILITY STANDARDS

IC 13-22-8
    Chapter 8. Financial Responsibility Standards

IC 13-22-8-1
Rules
    Sec. 1. (a) The solid waste management board shall adopt rulesunder IC 4-22-2 on standards of financial responsibility for thefollowing:
        (1) Closure.
        (2) Postclosure monitoring at hazardous waste facilities.
        (3) Any required corrective action at those facilities.
    (b) The rules adopted under this section must reflect theprovisions for financial responsibility prescribed by section 2 of thischapter.
As added by P.L.1-1996, SEC.12.

IC 13-22-8-2
Bankruptcy of owner or operator of facility; proof of financialresponsibility; liability of guarantor
    Sec. 2. (a) The rules on financial responsibility for monitoring andcorrective action at hazardous waste facilities adopted by the boardunder section 1 of this chapter and IC 4-22-2 must state that evidenceof financial responsibility may be provided through one (1) or moreof the following:
        (1) Insurance.
        (2) Guaranty.
        (3) A surety bond.
        (4) A letter of credit.
        (5) Qualification as a self-insurer.
The rules may specify that certain terms, conditions, or defenses arenecessary or are unacceptable in a policy or contract through whichproof of financial responsibility is to be provided.
    (b) If the owner or operator of a hazardous waste facility is inbankruptcy, reorganization, or arrangement under the federalbankruptcy law, or if no state or federal court could obtainjurisdiction over an owner or operator likely to be solvent at the timeof judgment, any claim arising from conduct for which evidence offinancial responsibility is provided may be asserted directly againstthe guarantor. In an action based upon such a claim, the guarantormay invoke:
        (1) all rights and defenses that would have been available to theowner or operator if the action had been brought against theowner or operator by the claimant; and
        (2) all rights and defenses that would have been available to theguarantor if an action had been brought against the guarantor bythe owner or operator.
    (c) The total liability of a guarantor under this section is limitedto the aggregate amount in which the guarantor has providedevidence of financial responsibility for the owner or operator of ahazardous waste facility. This section does not limit any other

liability of a guarantor to the owner or operator of a hazardous wastefacility, such as liability for bad faith in negotiating or in failing tonegotiate the settlement of any claim.
As added by P.L.1-1996, SEC.12.