KRS 211.843: Licensees of radioactive materials to provide sureties -- Revocation of

license.

The secretary for health and family services may, by administrative regulation, require

licensees of radioactive materials to provide an adequate surety or other financia l

arrangement, in such amount as the secretary deems reasonably appropriate to cover

potential cleanup costs in the event of abandonment, insolvency, or other inability of the

licensee to meet the requirements of the secretary regarding a radioactive mater ial

accident or other public health hazard created by the presence of radioactive material at a

site occupied by the licensee or formerly under its possession, ownership, or control.

Acceptable sureties include bonds issued by fidelity or surety companies authorized or

eligible to do business in Kentucky, cash deposits, certificates of deposit, deposits of

government securities, irrevocable letters or lines of credit, trust funds, escrow accounts

or such other types of arrangements, but shall not include an y arrangement which

essentially constitutes self-insurance. The secretary shall be the obligee of the surety and

the proceeds of the surety shall be used by the secretary for defraying the cost of cleaning

up and decontaminating the area of property involv ed. Failure to comply with any

regulation promulgated to carry out this section by any licensee shall result in automatic

revocation of such license by operation by law.