Find Legal Information

211.843 Licensees of radioactive materials to provide sureties -- Revocation of license.

Download pdf

211.843 Licensees of radioactive materials to provide sureties -- Revocation of license. The secretary for health and family services may, by administrative regulation, require <br>licensees of radioactive materials to provide an adequate surety or other financial <br>arrangement, in such amount as the secretary deems reasonably appropriate to cover <br>potential cleanup costs in the event of abandonment, insolvency, or other inability of the <br>licensee to meet the requirements of the secretary regarding a radioactive material <br>accident or other public health hazard created by the presence of radioactive material at a <br>site occupied by the licensee or formerly under its possession, ownership, or control. <br>Acceptable sureties include bonds issued by fidelity or surety companies authorized or <br>eligible to do business in Kentucky, cash deposits, certificates of deposit, deposits of <br>government securities, irrevocable letters or lines of credit, trust funds, escrow accounts <br>or such other types of arrangements, but shall not include any arrangement which <br>essentially constitutes self-insurance. The secretary shall be the obligee of the surety and <br>the proceeds of the surety shall be used by the secretary for defraying the cost of cleaning <br>up and decontaminating the area of property involved. Failure to comply with any <br>regulation promulgated to carry out this section by any licensee shall result in automatic <br>revocation of such license by operation by law. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 99, sec. 374, effective June 20, 2005. -- Amended 1998 Ky. Acts ch. 426, sec. 315, effective July 15, 1998. -- Created 1988 Ky. Acts <br>ch. 277, sec. 2, effective July 15, 1988.