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TANK FEE DECREASE

PROPOSED FOR 2015

 

At its November meeting, the Board proposed an amendment to Ohio Administrative Code 3737-1-04 to reduce the annual Financial Assurance Fund fee from $500 per tank to $400 per tank for coverage at the standard $55,000 deductible. If adopted, this proposed rule change will also decrease the per-tank fee for coverage at the reduced $11,000 deductible from $700 per tank to $600 per tank.


The Board’s Finance Committee recommended the reduction in the fee based upon a review of the Fund’s unobligated cash balance and the projected revenue and operating expenses over the next five years, including the amount of the estimated unpaid claim liability.

A Business Impact Analysis (BIA), which provides an explanation for the rule change and justification for any adverse impact on business, was submitted to the State’s Common Sense Initiative (CSI) Office. Stakeholders were notified of the proposed amendment and were given until December 8, 2014, to submit comments on the BIA and proposed rule. After the CSI Office reviewed the BIA, it recommended the proposed rule to be filed as drafted with the Joint Committee on Agency Rule Review (JCARR). A public hearing was held in the Board’s Office on February 11, 2015, and a JCARR hearing will be held on February 23, 2015, before the rule can ultimately be adopted by the Board.
 

If adopted by the Board, the decrease will become effective for the 2015 program year (July 1, 2015 – June 30, 2016).

 

For more information about the proposed rule, or the rule making process, please contact the Board’s staff at (614) 752-8963 or (800) 224-4659 (Ohio only).