Environmental Protection Regulations 1987

In this regulation —

Each licensee is to pay to the Chief Executive Officer, in accordance with subsection (3), a financial assurance that —

is in an approved form; and

secures or guarantees payment of an amount determined by the Chief Executive Officer, being an amount that in the opinion of the Chief Executive Officer is equivalent to the average levy to be paid by the licensee in a return period.

The financial assurance is to be paid to the Chief Executive Officer —

in the case of an existing licensee, not later than 2 weeks after commencement day; and

in the case of a licensee who is granted a licence after commencement day, not later than 2 weeks after the licence is granted.

The licensee is to maintain the financial assurance in accordance with any requirements of the Chief Executive Officer of which the licensee has been given written notice.

The moneys from any financial assurance that is called on or used by the Chief Executive Officer are to be paid into the Fund.

The Chief Executive Officer is to review the amount of a financial assurance provided under this regulation not later than 2 years after it is provided and thereafter not later than 2 years after each review.

The Chief Executive Officer may at any time, by written direction, require a licensee to increase the amount of the financial assurance provided by the licensee if the Chief Executive Officer thinks it is appropriate to do so.

A licensee is to comply with a direction given to the licensee under subregulation (7).