Section 173-360-433. Trust fund.

(1) An owner or operator may satisfy the requirements of WAC 173-360-406 by establishing a trust fund that conforms to the requirements of this section. The trustee shall 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 an agency of the state in which the fund is established.

(2) The wording of the trust agreement shall be identical to the wording specified in WAC 173-360-490, and shall be accompanied by a formal certification of acknowledgment as specified in WAC 173-360-493.

(3) The trust fund, when established, shall 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.

(4) 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 director for release of the excess.

(5) If other financial assurance as specified in WAC 173- 360-400 through 173-360-499 is substituted for all or part of the trust fund, the owner or operator may submit a written request to the director for release of the excess.

(6) Within sixty days after receiving a request from the owner or operator for release of funds as specified in subsections (4) or (5) of this section, the director will instruct the trustee to release to the owner or operator such funds as the director specifies in writing.

[Statutory Authority: Chapter 90.76 RCW. WSR 90-24-017, § 173-360-433, filed 11/28/90, effective 12/29/90.]

Chapter 90.76 RCW. WSR 90-24-017, § 173-360-433, filed 11/28/90, effective 12/29/90.

Rules

173-360-406,173-360-490,173-360-493,173-360-499,