NR 661.0147(2)(g)2.2. A certification of valid claim for bodily injury or property damages caused by a sudden or non-sudden accidental occurrence arising from the operation of a hazardous secondary material treatment or storage facility is entered between the owner or operator and third-party claimant for liability coverage under pars. (a) to (f). NR 661.0147(2)(g)3.3. A final court order establishing a judgment for bodily injury or property damage caused by a sudden or non-sudden accidental occurrence arising from the operation of a hazardous secondary material treatment or storage facility is issued against the owner or operator or an instrument that is providing financial assurance for liability coverage under pars. (a) to (f). NR 661.0147(3)(3) Request for variance. If an owner or operator demonstrates to the satisfaction of the department that the levels of financial responsibility required by sub. (1) or (2) are not consistent with the degree and duration of risk associated with treatment or storage at the facility or group of facilities, the owner or operator may obtain a variance from the department. The request for a variance shall be submitted in writing to the department. If granted, the variance will take the form of an adjusted level of required liability coverage based on the department’s assessment of the degree and duration of risk associated with the ownership or operation of the facility or group of facilities. The department may require an owner or operator who requests a variance to provide technical and engineering information as deemed necessary by the department to determine a level of financial responsibility other than that required by sub. (1) or (2). NR 661.0147(4)(4) Adjustments by the department. if the department determines that the levels of financial responsibility required under sub. (1) or (2) are not consistent with the degree and duration of risk associated with treatment or storage at the facility or group of facilities, the department may adjust the level of financial responsibility required under sub. (1) or (2) as may be necessary to protect human health and the environment. This adjusted level will be based on the department’s assessment of the degree and duration of risk associated with the ownership or operation of the facility or group of facilities. In addition, if the department determines that there is a significant risk to human health and the environment from non-sudden accidental occurrences resulting from the operations of a facility that is not a surface impoundment, pile, or land treatment facility, the department may require that the owner or operator of the facility comply with sub. (2). The owner or operator shall furnish to the department, within a reasonable time, any information the department requests to determine whether cause exists for such adjustments of level or type of coverage. NR 661.0147(5)(5) Period of coverage. Within 60 days after receiving certifications from the owner or operator and a qualified professional engineer that all hazardous secondary material have been removed from the facility or a unit at the facility and the facility or a unit has been decontaminated in accordance with the approved plan under s. NR 661.0143 (8), the department shall notify the owner or operator in writing that the owner or operator is no longer required under s. NR 661.0004 (1) (x) 6. f. to maintain liability coverage for that facility or a unit at the facility, unless the department has reason to believe that all hazardous secondary material have not been removed from the facility or unit at a facility or that the facility or unit has not been decontaminated in accordance with the approved plan. NR 661.0147(6)(a)(a) An owner or operator may satisfy the requirements of this section by demonstrating that the owner or operator passes a financial test as specified in this subsection. To pass this test the owner or operator shall meet the criteria of either of the following: NR 661.0147(6)(a)1.a.a. Net working capital and tangible net worth each at least 6 times the amount of liability coverage to be demonstrated by this test. NR 661.0147(6)(a)1.c.c. Assets in the United States amounting to at least 90 percent of the owner’s or operator’s total assets, or at least 6 times the amount of liability coverage to be demonstrated by this test. NR 661.0147(6)(a)2.a.a. A current rating for the owner’s or operator’s most recent bond issuance of AAA, AA, A, or BBB as issued by Standard and Poor’s, or Aaa, Aa, A, or Baa as issued by Moody’s. NR 661.0147(6)(a)2.c.c. Tangible net worth at least 6 times the amount of liability coverage to be demonstrated by this test. NR 661.0147(6)(a)2.d.d. Assets in the United States amounting to either at least 90 percent of the owner’s or operator’s total assets, or at least 6 times the amount of liability coverage to be demonstrated by this test. NR 661.0147(6)(b)(b) The phrase “amount of liability coverage” as used in par. (a) refers to the annual aggregate amounts for which coverage is required under subs. (1) and (2) and the annual aggregate amounts for which coverage is required under ss. NR 664.0147 (1) and (2) and 665.0147 (1) and (2). NR 661.0147(6)(c)(c) To demonstrate that the owner or operator meets the test in par. (a), the owner or operator shall submit all of the following to the department: NR 661.0147(6)(c)1.1. A letter signed by the owner’s or operator’s chief financial officer and worded as specified in s. NR 661.0151 (6). If an owner or operator is using the financial test to demonstrate both assurance as specified by s. NR 661.0143 (5), and liability coverage, the owner or operator shall submit the letter specified in s. NR 661.0151 (6) to cover both forms of financial responsibility. A separate letter as specified in s. NR 661.0151 (5) is not required. NR 661.0147(6)(c)2.2. A copy of the independent certified public accountant’s report on examination of the owner’s or operator’s financial statements for the latest completed fiscal year. NR 661.0147(6)(c)3.3. If the chief financial officer’s letter providing evidence of financial assurance includes financial data showing that the owner or operator satisfies par. (a) 1. that are different from the data in the audited financial statements referred to in subd. 2. or any other audited financial statement or data filed with the U.S. Securities and Exchange Commission, SEC, then a special report from the owner’s or operator’s independent certified public accountant to the owner or operator is required. The special report shall be based upon an agreed upon procedures engagement in accordance with professional auditing standards and shall describe the procedures performed in comparing the data in the chief financial officer’s letter derived from the independently audited, year-end financial statements for the latest fiscal year with the amounts in such financial statements, the findings of the comparison, and the reasons for any difference. NR 661.0147(6)(d)(d) The owner or operator may obtain a one-time extension of the time allowed for submission of the documents specified in par. (c) if the fiscal year of the owner or operator ends during the 90 days prior to September 1, 2020, and if the year-end financial statements for that fiscal year will be audited by an independent certified public accountant. The extension shall end no later than 90 days after the end of the owner’s or operator’s fiscal year. To obtain the extension, the owner’s or operator’s chief financial officer shall send, by September 1, 2020, a letter to the department. This letter from the chief financial officer shall contain all of the following: NR 661.0147(6)(d)2.2. Certify that the chief financial officer has grounds to believe that the owner or operator meets the criteria of the financial test. NR 661.0147(6)(d)3.3. Specify for each facility to be covered by the test the EPA Identification Number, name, address, the amount of liability coverage and, when applicable, current closure and post-closure cost estimates to be covered by the test. NR 661.0147(6)(d)4.4. Specify the date ending the owner’s or operator’s last complete fiscal year before September 1, 2020. NR 661.0147(6)(d)5.5. Specify the date, no later than 90 days after the end of such fiscal year, when the chief financial officer will submit the documents specified in par. (c). NR 661.0147(6)(d)6.6. Certify that the year-end financial statements of the owner or operator for such fiscal year will be audited by an independent certified public accountant. NR 661.0147(6)(e)(e) After the initial submission of items specified in par. (c), the owner or operator shall send updated information to the department within 90 days after the close of each succeeding fiscal year. This information shall consist of the items specified in par. (c) 1. to 3.