Authority may review financial assurance
225 Authority may review financial assurance
S. 225 inserted by No. 39/2018 s. 7 (as amended by Nos 27/2019 ss 12−30, 3/2020 ss 42–44, 47/2020 s. 26).
Subject to subsection (2), the Authority may review the following—
the requirement for a person to provide a financial assurance;
the amount of a financial assurance;
the form of a financial assurance.
The Authority may review a financial assurance if—
a prescribed permission issued or granted with a condition requiring the holder of the permission to provide a financial assurance is reviewed or varied; or
the financial assurance was provided as a condition of a site management order and the order is varied; or
the financial assurance was provided as a condition of an environmental action notice and the notice is varied; or
the financial assurance was provided as a condition of an Order relating to environmentally hazardous substances and the Order is varied; or
the Authority publishes an updated method for calculating the amount of a financial assurance that is relevant to the particular activity that the financial assurance is provided in relation to; or
the person who provided the financial assurance requests a review of the form or amount of the financial assurance; or
the Authority is satisfied, having regard to the prescribed risk assessment criteria, that there is a variation to the estimate of the costs and expenses of remediation or clean up activities for the particular activity that the financial assurance is provided in relation to.
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