1. After December 31, 2010, the owner or operator of an aboveground storage tank defined in subsection 2 of this section shall maintain evidence of financial responsibility in an amount equal to or greater than one million dollars per occurrence and two million dollars annual aggregate for the costs of taking corrective action and compensating third parties for bodily injury and property damage caused by sudden and nonsudden accidental releases arising from the operation of the tank.

2. For the purposes of this section, “aboveground storage tank” is defined as any one or a combination of tanks, including pipes connected thereto, used to contain an accumulation of petroleum and the volume of which, including the volume of the aboveground pipes connected thereto, is ninety percent or more above the surface of the ground, which is utilized for the sale of products regulated by this chapter. The term does not include those tanks described in paragraphs (a) to (k) of subdivision (16) of section 319.100, nor does it include aboveground storage tanks at refineries, petroleum pipeline terminals, or marine terminals.

3. Owners and operators may meet the requirements of this section by participating in the petroleum storage tank insurance fund created in section 319.129 or by any other method approved by the department.

4. The department shall promulgate rules to implement the provisions of this section. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2008, shall be invalid and void.

5. Except in cases of fraud or misrepresentation on the application for coverage, no owner or operator shall be denied benefits by the petroleum storage tank insurance fund or other provider of financial responsibility required by this section solely because the owner’s^* or operator’s claim arises from a release of motor fuel deemed incompatible with the aboveground storage tank system.