Section 20-6705. FINANCIAL TEST OF SELF-INSURANCE: TEST B

 

6705.1In order to meet financial Test B, the owner/guarantor shall meet the federal financial test requirements set forth in Title 40 of the Code of Federal Regulations (40 C.F.R. § 264.147(f)(1)), substituting the appropriate amount specified in §§ 6700.12(a) or (b) for the "amount of liability coverage" each time specified in that section of the federal regulations.

 

6705.2Under Test B, the fiscal year-end financial statements of the owner/guarantor shall be examined by an independent certified public accountant and be accompanied by the accountant's report of the examination.

 

6705.3Under Test B, the owner/guarantor's year-end financial statements may not include an adverse auditor's opinion, a disclaimer of opinion, or a "going concern" qualification.

 

6705.4Under Test B, the owner/guarantor shall have a letter of assurance signed by the chief financial officer in the form specified in Appendix 67-2 (Alternative II) to this chapter.

 

6705.5Under Test B, if the financial statements of the owner/guarantor are not submitted annually to the U.S. Securities and Exchange Commission, the Energy Information Administration, or the Rural Electrification Administration, the owner/operator/guarantor shall obtain a special report by an independent certified public accountant ("CPA") stating the following:

 

(a)The CPA has compared the data that the letter from the chief financial officer specifies as having been derived from the latest year-end financial statements of the owner/guarantor, with the amounts in the financial statements; and

 

(b)In connection with that comparison, no matters came to the attention of the CPA which caused him or her to believe that the specified data should be adjusted.

 

 

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).