Indiana Administrative Code Title 328 - UNDERGROUND STORAGE TANK FINANCIAL ASSURANCE BOARD
Indiana Administrative Code — Title 328: Underground Storage Tank Financial Assurance Board
Overview
Title 328 governs the Underground Storage Tank (UST) Financial Assurance Board in Indiana. This Board is responsible for administering financial assurance mechanisms related to underground storage tanks containing petroleum or hazardous substances. The aim is to ensure that tank owners and operators have the necessary financial resources to cover costs associated with leak prevention, detection, cleanup, and corrective actions to protect public health and the environment.
Key Areas Covered in Title 328 — UST Financial Assurance Board:
1. Purpose and Authority
Establishes the UST Financial Assurance Board as the body overseeing financial assurance requirements for underground storage tanks in Indiana.
Provides the Board with authority to review, approve, and monitor financial assurance mechanisms.
Ensures compliance with state and federal laws related to underground storage tank safety and environmental protection.
2. Financial Assurance Requirements
Defines the types of financial assurance mechanisms acceptable for UST owners and operators. These may include:
Insurance policies
Surety bonds
Letters of credit
Trust funds
Self-insurance (subject to approval)
Sets minimum financial responsibility limits to cover corrective action and third-party liability claims.
3. Board Membership and Organization
Specifies the composition of the Board, including representatives from relevant state agencies, industry, and public interest groups.
Details terms of service, appointment processes, and organizational procedures.
4. Application and Approval Process
Outlines procedures for UST owners/operators to submit financial assurance documentation to the Board.
Details timelines, review criteria, and conditions for approval or denial.
Provides guidelines for updating or renewing financial assurance coverage.
5. Claims and Reimbursements
Establishes procedures for submitting claims to access financial assurance funds in the event of tank leaks or releases.
Describes the process for verifying claims, disbursing funds, and ensuring proper use of financial resources.
Sets limits on coverage amounts and conditions for reimbursement.
6. Recordkeeping and Reporting
Requires UST owners and operators to maintain accurate records of financial assurance mechanisms.
Mandates regular reporting to the Board and state environmental agencies.
Ensures transparency and accountability in managing financial assurance programs.
7. Compliance and Enforcement
Empowers the Board to enforce compliance with financial assurance requirements.
Details penalties or corrective actions for failure to maintain adequate financial assurance.
Coordinates with state environmental and regulatory authorities to address violations.
Summary
The Indiana Administrative Code Title 328 creates a regulatory framework to ensure that owners and operators of underground storage tanks in Indiana maintain proper financial assurance. This framework protects the environment and public health by guaranteeing that funds are available for cleanup and damages related to tank leaks or spills. The Underground Storage Tank Financial Assurance Board oversees this program, reviewing financial mechanisms, approving coverage, and managing claims to promote responsible tank management.
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