State Codes and Statutes
Statutes > Indiana > Title13 > Ar22 > Ch8
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 rules
under IC 4-22-2 on standards of financial responsibility for the
following:
(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 the
provisions for financial responsibility prescribed by section 2 of this
chapter.
As added by P.L.1-1996, SEC.12.
IC 13-22-8-2
Bankruptcy of owner or operator of facility; proof of financial
responsibility; liability of guarantor
Sec. 2. (a) The rules on financial responsibility for monitoring and
corrective action at hazardous waste facilities adopted by the board
under section 1 of this chapter and IC 4-22-2 must state that evidence
of financial responsibility may be provided through one (1) or more
of 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 are
necessary or are unacceptable in a policy or contract through which
proof of financial responsibility is to be provided.
(b) If the owner or operator of a hazardous waste facility is in
bankruptcy, reorganization, or arrangement under the federal
bankruptcy law, or if no state or federal court could obtain
jurisdiction over an owner or operator likely to be solvent at the time
of judgment, any claim arising from conduct for which evidence of
financial responsibility is provided may be asserted directly against
the guarantor. In an action based upon such a claim, the guarantor
may invoke:
(1) all rights and defenses that would have been available to the
owner or operator if the action had been brought against the
owner or operator by the claimant; and
(2) all rights and defenses that would have been available to the
guarantor if an action had been brought against the guarantor by
the owner or operator.
(c) The total liability of a guarantor under this section is limited
to the aggregate amount in which the guarantor has provided
evidence of financial responsibility for the owner or operator of a
hazardous waste facility. This section does not limit any other
liability of a guarantor to the owner or operator of a hazardous waste
facility, such as liability for bad faith in negotiating or in failing to
negotiate the settlement of any claim.
As added by P.L.1-1996, SEC.12.
