Section 20-6703. FINANCIAL TEST OF SELF-INSURANCE

 

6703.1An owner, or a guarantor, or both (also written in abbreviated form as "owner/guarantor" in this chapter) may satisfy the requirements of § 6700 by passing either of the financial tests set forth in this section.

 

6703.2To pass a financial test of self-insurance, the owner/guarantor shall meet either of the following, based on year-end financial statements for the latest completed fiscal year:

 

(a)The criteria of Test A, as set forth in § 6704; or

 

(b)The criteria of Test B, as set forth in § 6705.

 

6703.3To demonstrate that the owner/guarantor meets the financial test under §§ 6703.2(a) or (b), the chief financial officer of the owner/guarantor shall sign, within one hundred twenty (120) days of the close of each financial reporting year, as defined by the twelve (12) month period for which financial statements used support the financial test are prepared, a letter of assurance in the form specified in Appendix 67-2 to this chapter.

 

6703.4If an owner finds that he or she no longer meets the requirements of the financial test set forth in §§ 6704 or 6705 based on year-end financial statements, the owner shall obtain alternative coverage within one hundred fifty (150) days after the end of the year for which the financial statements used were prepared.

 

6703.5The Director may require reports of financial condition at any time from the owner/guarantor. If the Director finds, on the basis of any report or other information, that the owner/guarantor no longer meets the financial test requirements of this section, the owner shall be required to obtain alternate coverage within thirty (30) days after notification by the Director of the finding.

 

6703.6If an owner fails to obtain alternate assurance within one hundred fifty (150) days, as required by § 6703.4, or within thirty (30) days of notification by the Director under § 6703.5, the owner shall notify the Director of the failure within ten (10) days.

 

 

authority

Section 13 of the District of Columbia Underground Storage Tank Management Act of 1990, effective March 8, 1991, as amended (D.C. Law 8-242; D.C. Official Code §§ 6-995.1 et seq. (1995 Repl.)); Mayor’s Order 98-58, dated April 17, 1998; Mayor's Order 91-160, dated October 9, 1991; the District of Columbia Water Pollution Control Act of 1984, effective March 16, 1985 (D.C. Law 5-188; D.C. Official Code § 6-921 (1995 Repl.)); and Mayor's Order 85-152, dated September 12, 1985.

source

Final Rulemaking published at 43 DCR 2799 (May 24, 1996), incorporating text of Proposed Rulemaking published at 42 DCR 5765 (October 20, 1995); as amended by Final Rulemaking published at 46 DCR 7699 (October 1, 1999).