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Federal Register / Vol. 86, No. 228 / Wednesday, December 1, 2021 / Rules and Regulations each such COFR Operators vessel with the greatest total applicable amount, plus B The total applicable amount required to be demonstrated by a selfinsurer under this subpart if the financial guarantor is also acting as a self-insurer.
3 In the case of a vessel greater than 300 gross tons, calculate the CERCLA
applicable amount under 138.100b1
based on a vessel carrying hazardous substances as cargo.
d Self-insurance method. The COFR
Operator may establish and maintain evidence of financial responsibility using the self-insurance method as follows:
1 Submit to the Director the financial statements specified in paragraphs e1 through 4 of this section for the fiscal year preceding the date the COFR Operator signs the Application or request for COFR
renewal.
2 Demonstrate that the COFR
Operator maintains, in the United States, working capital and net worth, each in amounts equal to or greater than the total applicable amount, calculated as follows:
i If the self-insurer has multiple vessels, calculate the total applicable amount based on the vessel with the greatest total applicable amount.
ii In the case of a vessel greater than 300 gross tons, calculate the CERCLA
applicable amount under 138.100b1
based on a vessel carrying hazardous substances as cargo.
e Reporting requirements for selfinsurers and financial guarantors. 1
Each self-insurer and financial guarantor must submit the following reports to the Director with the Application and annually thereafter, within the deadlines specified in paragraph e4 of this section:
i Submit the self-insurer or financial guarantors annual, current, and audited non-consolidated financial statements prepared in accordance with Generally Accepted Accounting Principles, and audited by an independent Certified Public Accountant in accordance with Generally Accepted Auditing Standards.
ii Accompany the financial statements with a declaration from the self-insurer or financial guarantors chief financial officer, treasurer, or equivalent official, certifying the amount of the self-insurer or financial guarantors current assets, and the amount of the self-insurer or financial guarantors total assets included in the accompanying balance sheet, which are located in the United States.
iii If the financial statements cannot be submitted in non-consolidated form,
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submit a consolidated statement accompanied by an additional declaration prepared by the same Certified Public Accountant A Verifying the amount by which the total assets located in the United States exceed the self-insurer or financial guarantors total worldwide liabilities, and the self-insurer or financial guarantors current assets located in the United States exceed the self-insurer or financial guarantors total worldwide current liabilities;
B Specifically naming the selfinsurer or financial guarantor;
C Confirming that the amounts so verified relate only to the self-insurer or financial guarantor, apart from any parent or other affiliated entity; and D Identifying the consolidated financial statement to which it applies.
2 When the self-insurer or financial guarantors demonstrated net worth is not at least ten times the cumulative total applicable amounts, their chief financial officer, treasurer, or equivalent official must submit to the Director with the Application and semi-annually thereafter, within the deadline specified in paragraph e4 of this section, an affidavit stating that neither their working capital nor net worth fell during the first 6 months of the selfinsurer or financial guarantors current fiscal year, below the cumulative total applicable amounts.
3 All self-insurers and financial guarantors must i Submit, upon the Directors request, additional financial information within the time specified; and ii Notify the Director in writing within 5 days following the date the self-insurer or financial guarantor knows, or has reason to know, that its working capital or net worth has fallen below the total applicable amounts.
4 All required annual financial statements and declarations must be submitted to the Director within 90 days after the close of the self-insurer or financial guarantors fiscal year. All required semi-annual financial statements and declarations must be submitted to the Director within 30 days after the close of the applicable 6-month period. The Director will grant an extension of the time limits for submissions under this paragraph only as provided in 138.60e.
5 A failure by a self-insurer or financial guarantor to timely submit to the Director any statement, data, notification, or other submission required may result in the Director denying or revoking the COFR, and may prompt enforcement action as provided under 138.170.

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6 The Director may waive the working capital requirement for any self-insurer or financial guarantor that i Is a regulated public utility, a municipal or higher-level governmental entity, or an entity operating solely as a charitable, non-profit organization qualifying under the Internal Revenue Code 26 U.S.C. 501c, provided that the self-insurer or financial guarantor demonstrates in writing that the waiver would benefit a local public interest; or ii Demonstrates in writing that working capital is not a significant factor in the self-insurer or financial guarantors financial condition, in which case the self-insurer or financial guarantors net worth in relation to the required cumulative total applicable amounts, and a history of stable operations, are the major elements considered by the Director.
f Other guaranty methods for establishing evidence of financial responsibility. 1 The COFR Operator may request that the Director accept a guaranty method for establishing evidence of financial responsibility that is different from one of the methods described in paragraphs b through e of this section as follows:
i The COFR Operator must submit the request to the Director in writing, at least 90 days prior to the date the COFR
is required.
ii The request must describe in detail: The method proposed; the reasons why the COFR Operator does not wish to or is unable to use one of the methods described in paragraphs b through e of this section; and how the proposed guaranty method assures that the vessels responsible parties have the financial ability to meet their potential liabilities under OPA 90 and CERCLA in the event of an incident or a release.
iii Each COFR Operator making a request under this paragraph must provide the Director a proposed guaranty form that includes all the elements described in paragraphs g and h of this section.
2 The Director will not accept a selfinsurance method other than the one described in paragraph d of this section. The Director also will not accept a guaranty method under this paragraph that merely deletes or alters a requirement or provision of one of the guaranty methods described in paragraphs b through e of this section for example, one that alters the termination clause of the Insurance Guaranty.
3 A Directors decision to accept an alternative guaranty method of establishing evidence of financial responsibility under this paragraph is final agency action.

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