NR 667.0147(1)(d)(d) Insurance for liability coverage. An owner or operator may meet the requirements of this section by obtaining liability insurance as specified in s. NR 664.0147 (1) (a). NR 667.0147(1)(e)(e) Financial test for liability coverage. An owner or operator may meet the requirements of this section by passing a financial test as specified in sub. (6). NR 667.0147(1)(f)(f) Guarantee for liability coverage. An owner or operator may meet the requirements of this section by obtaining a guarantee as specified in sub. (7). NR 667.0147(1)(g)(g) Combination of mechanisms. An owner or operator may demonstrate the required liability coverage through the use of combinations of mechanisms as allowed by s. NR 664.0147 (1) (f). NR 667.0147(1)(h)(h) An owner or operator shall notify the department in writing within 30 days whenever any of the following occurs: NR 667.0147(1)(h)1.1. A claim results in a reduction in the amount of financial assurance for liability coverage provided by a financial instrument authorized in pars. (a) to (g). NR 667.0147(1)(h)2.2. A certification of valid claim for bodily injury or property damages caused by a sudden accidental occurrence arising from the operation of a hazardous waste treatment, storage, or disposal facility is entered between the owner or operator and third-party claimant for liability coverage under pars. (a) to (g). NR 667.0147(1)(h)3.3. A final court order establishing a judgment for bodily injury or property damage caused by a sudden accidental occurrence arising from the operation of a hazardous waste treatment, storage, or disposal facility is issued against the owner or operator or an instrument that is providing financial assurance. NR 667.0147(5)(5) Period of coverage. Within 60 days after receiving certifications from the owner or operator and an independent registered professional engineer that final closure has been completed according to the approved closure plan, the department shall notify the owner or operator in writing that the owner or operator is no longer required by this section to maintain liability coverage from that facility, unless the department has reason to believe that closure has not been in accordance with the approved closure plan. NR 667.0147(6)(6) Financial test for liability coverage. An owner or operator that satisfies the requirements of this subsection may demonstrate financial assurance for liability up to the amount specified in this subsection. NR 667.0147(6)(a)1.1. If using the financial test for only liability coverage, the owner or operator shall have tangible net worth greater than the sum of the liability coverage to be demonstrated by this test plus $10,000,000. NR 667.0147(6)(a)2.2. The owner or operator shall have assets located in the United States amounting to at least the amount of liability covered by this financial test. NR 667.0147(6)(a)3.3. An owner or operator who is demonstrating coverage for liability and any other environmental obligations, including closure under s. NR 667.0143 (6), through a financial test shall meet the requirements of s. NR 667.0143 (6). NR 667.0147(6)(b)1.1. The owner or operator shall submit the following items to the department: NR 667.0147(6)(b)1.a.a. A letter signed by the owner’s or operator’s chief financial officer that provides evidence demonstrating that the firm meets the conditions of par. (a) 1. and 2. If the firm is providing only liability coverage through a financial test for a facility or facilities with a license under this chapter, the letter should use the wording in s. NR 667.0151 (2). If the firm is providing only liability coverage through a financial test for facilities regulated under this chapter and also ch. NR 664 or 665, it shall use the letter in s. NR 664.0151 (7). If the firm is providing liability coverage through a financial test for a facility or facilities with a license under this chapter, and it assures closure costs or any other environmental obligations through a financial test, it shall use the letter in s. NR 667.0151 (1) for the facilities issued a license under this chapter. NR 667.0147(6)(b)1.b.b. A copy of the independent certified public accountant’s unqualified opinion of the owner’s or operator’s financial statements for the latest completed fiscal year. To be eligible to use the financial test, the owner’s or operator’s financial statements shall receive an unqualified opinion from the independent certified public accountant. An adverse opinion, disclaimer of opinion or other qualified opinion will be cause for disallowance, with the potential exception for qualified opinions provided in the next sentence. The department may evaluate qualified opinions on a case-by-case basis and allow use of the financial test in cases where the department deems that the matters which form the basis for the qualification are insufficient to warrant disallowance of the test. If the department does not allow use of the test, the owner or operator shall provide alternate financial assurance that meets the requirements of this section within 30 days after the notification of disallowance. NR 667.0147(6)(b)1.c.c. If the chief financial officer’s letter providing evidence of financial assurance includes financial data showing that the owner or operator satisfies pars. (a) 1. and 2. that are different from data in the audited financial statements referred to in subd. 1. b. or any other audited financial statement or data filed with the Securities and Exchange Commission, 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 according to 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 that comparison, and the reasons for any differences NR 667.0147(6)(b)2.2. The owner or operator of a new facility shall submit the items specified in subd. 1. to the department at least 60 days before placing waste in the facility. NR 667.0147(6)(b)3.3. After the initial submission of items specified in subd. 1., the owner or operator shall send updated information to the department within 90 days following the close of the owner or operator’s fiscal year. The department may provide up to an additional 45 days for an owner or operator who can demonstrate that 90 days is insufficient time to acquire audited financial statements. The updated information shall consist of all items specified in subd. 1. NR 667.0147(6)(b)4.4. The owner or operator is no longer required to submit the items specified in this paragraph or comply with the requirements of this paragraph when either: NR 667.0147(6)(b)4.a.a. The owner or operator substitutes alternate financial assurance as specified in this section that is not subject to these recordkeeping and reporting requirements. NR 667.0147(6)(b)5.5. An owner or operator who no longer meets the requirements of par. (a) may not use the financial test to demonstrate financial assurance. An owner or operator who no longer meets the requirements of par. (a) shall: NR 667.0147(6)(b)5.a.a. Send notice to the department of intent to establish alternate financial assurance as specified in this section. The owner or operator shall send this notice by certified mail within 90 days following the close of the owner or operator’s fiscal year for which the year-end financial data show that the owner or operator no longer meets the requirements of this section. NR 667.0147(6)(b)5.b.b. Provide alternative financial assurance within 120 days after the end of such fiscal year. NR 667.0147(6)(b)6.6. The department may, based on a reasonable belief that the owner or operator may no longer meet the requirements of par. (a), require at any time the owner or operator to provide reports of its financial condition in addition to or including current financial test documentation as specified in this paragraph. If the department finds that the owner or operator no longer meets the requirements of par. (a), the owner or operator shall provide alternate financial assurance that meets the requirements of this section.