The purpose of this rule development is to amend the existing rule to allow mitigation banks established under Part IV of Chapter 373, F.S., to use certain forms of insurance as a means of demonstrating the financial responsibility required pursuant ...

 

DEPARTMENT OF ENVIRONMENTAL PROTECTION

RULE NO.:              RULE TITLE:

62-342.700              Financial Responsibility

PURPOSE AND EFFECT: The purpose of this rule development is to amend the existing rule to allow mitigation banks established under Part IV of Chapter 373, F.S., to use certain forms of insurance as a means of demonstrating the financial responsibility required pursuant to Section 373.4136(1)(i), F.S. The effect of this rule development would be to establish an additional mechanism for demonstrating the required “financial responsibility for the construction, operation, and long-term management of a mitigation bank” in rule, in accordance with Section 373.4136(11)(a), F.S.

SUBJECT AREA TO BE ADDRESSED: Rule 62-342.700, F.A.C., will be amended to allow mitigation banks to use certain forms of insurance as a means of demonstrating financial responsibility. Other mechanisms of demonstrating financial responsibility currently authorized in the rule (i.e., surety bond, performance bond, trust fund, standby trust fund and irrevocable letter of credit) would remain unaffected.

RULEMAKING AUTHORITY: 373.4131, 373.4136(11) FS.

LAW IMPLEMENTED: 373.4131, 373.4135, 373.4136 FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Alice Heathcock, Florida Department of Environmental Protection, 2600 Blair Stone Road, MS 2500, Tallahassee, FL 32399-2400, telephone: [phone], e-mail: [e-mail] or facsimile: [phone]. (OGC NO. 15-0140)

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS NOT AVAILABLE