(1) The commission shall promulgate rules and regulations governing underground storage tanks, which shall include, but not be limited to:

(a) Notification of abandoned underground storage tanks;

(b) Registration of underground storage tanks currently under operation;

(c) Standards for underground storage tanks. The commission shall distinguish in such standards between requirements appropriate for new tanks, for tanks in existence on the date of the promulgation of the standards and for abandoned tanks. These standards shall include, but not be limited to, design, construction, installation, release detection, and compatibility standards;

(d) Release detection, prevention and corrective action;

(e) Tank closure requirements;

(f) Standards for monitoring, testing, reporting and record keeping;

(g) Requirements for financial responsibility. The commission shall adopt requirements to insure financial responsibility for corrective action and compensation of third parties required by releases arising from the operation of an underground storage tank, except that such requirements shall not exceed those established by the United States Environmental Protection Agency (EPA). Financial responsibility may be established by any one (1) or combination of the following: insurance; guarantee; surety bond; letter of credit; qualification as a self-insurer; for owners of underground storage tanks containing motor fuels, use of the Mississippi Groundwater Protection Trust Fund; or any other financial assurance mechanism which shall be allowed under EPA regulations governing underground storage tanks; and

(h) Requirements to implement the National Energy Policy Act of 2005 (EPACT), 42 USC 15801.

(2) Variances and temporary emergency variances may be granted by the commission from any regulation adopted pursuant to Section 49-17-401 et seq.