232Application for release of financial assurance

232 Application for release of financial assurance (1) A person who provides a financial assurance under this Part may apply at any time to the Authority for the release of all or part of the financial assurance. S. 232(1A) inserted by No. 35/2023 s. 33(1). (1A) If an application under subsection (1) relates to a financial assurance that the Authority has refused to release (in whole or in part) under section 231C, 231D, 231E or 231F, or under section 231L following a review of a refusal under one of those sections, the application must set out— (a) significant relevant new information; or (b) demonstrate that a material change has occurred. S. 232(2) substituted by No. 35/2023 s. 33(2). (2) In considering an application under subsection (1), other than an application referred to in subsection (1A), the Authority must have regard to the prescribed risk assessment criteria. S. 232(2A) inserted by No. 35/2023 s. 33(2). (2A) In considering an application referred to in subsection (1A), the Authority must consider whether or not the application— (a) sets out significant relevant new information; or (b) demonstrates that a material change has occurred— and may refuse to release all or part of the financial assurance without considering any further matters if the Authority considers that the application does not set out significant relevant new information or demonstrate that a material change has occurred. S. 232(2B) inserted by No. 35/2023 s. 33(2). (2B) If the Authority considers that an application referred to in subsection (1A) sets out significant relevant new information or demonstrates that a material change has occurred, the Authority must consider— (a) in the case of an application in relation to a financial assurance that the Authority has refused to release (in whole or in part) under section 231C, 231D or 231E, or under section 231L following a review of a refusal under one of those sections, whether the Authority— (i) is satisfied, having regard to the considerations specified in section 231G, that it is necessary to retain the financial assurance as security for the costs or expenses of remediation or clean up where there is a significant risk these costs may be borne by the State or the Authority; or (ii) is entitled to make a claim on the financial assurance under section 227(2); or (b) in the case of an application in relation to a financial assurance that the Authority has refused to release (in whole or in part) under section 231F, or under section 231L following a review of a refusal under section 231F, whether the Authority— (i) is satisfied, having regard to the considerations specified in section 231G, that it is necessary to retain the financial assurance as security for the costs or expenses of remediation or clean up where there is a significant risk these costs or expenses may be borne by the State or the Authority, because— (A) the risk of contamination of land, personal property, waters or premises from the environmentally hazardous substance that is the subject of the Order remains; or (B) a clean up is likely to be required due to the impact of the environmentally hazardous substance that is the subject of the Order on land, personal property, waters or premises; or (3) If, in considering an application under subsection (1), the Authority determines further information is required the Authority may— (a) request the person to provide further information; and S. 232(3)(b) amended by No. 35/2023 s. 33(3). (b) extend the period specified in subsection (5). S. 232(4) inserted by No. 35/2023 s. 33(4). (4) After considering an application under subsection (1), the Authority may— (a) refuse to release all or part of the financial assurance; or (b) release all of the financial assurance. S. 232(5) inserted by No. 35/2023 s. 33(4). (5) Subject to section 231M, the Authority must notify the following persons in writing within 40 business days after the date on which the application is received of the Authority's decision under subsection (4)— S. 233 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).