(a) This subchapter applies to an owner and operator of a petroleum underground storage tank (UST) system required to provide financial assurance under Chapter 334 of this title (relating to Underground and Aboveground Storage Tanks). This subchapter establishes requirements and mechanisms for demonstrating financial assurance for corrective action and third party liability.(b) State and federal governmental entities whose debts and liabilities are the debts and liabilities of a state or the United States are exempt from the requirements of this subchapter.(c) If the owner and operator of a petroleum UST are separate persons, only one person is required to demonstrate financial assurance; however, both parties are liable in the event of noncompliance.