(a) A person may not operate a petrochemical facility or a hazardous waste disposal site unless the person has furnished proof to the commissioner of financial ability to control a hazardous waste that will be used in, produced by, or disposed of at the facility or the site. Proof of financial responsibility shall include responsibility for the hazardous waste after the facility or site is closed, and may be demonstrated by self-insurance, insurance, surety, or guarantee, under regulations adopted by the department.
(b) Acceptance of proof of financial responsibility under this section expires
(1) one year from its issuance for self-insurance;
(2) on the effective date of a change in the surety bond, guarantee, or insurance agreement; or
(3) on the expiration or cancellation of the surety bond, guarantee, or insurance agreement.