Maintenance and review of financial assurance
16 Maintenance and review of financial assurance
A person that provides a financial assurance under regulation 15 must maintain the financial assurance in accordance with any requirements of the CEO of which the person has been given written notice.
Penalty for this subregulation: a fine of $10 000.
The CEO must review the amount of a financial assurance not later than 12 months after it is provided and not later than 12 months after each time it is last reviewed.
The CEO may at any time, by written notice —
require a person that has provided a financial assurance under regulation 15 to increase the amount of the financial assurance provided; or
permit a person that has provided a financial assurance under regulation 15 to reduce the amount of the financial assurance provided,
if the CEO thinks it is appropriate to do so.
A person must comply with a requirement in a notice given to the person under subregulation (3)(a).
Penalty for this subregulation: a fine of $10 000.
[Regulation 16 amended: Gazette 17 Jun 2016 p. 2091.]
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