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FINANCIAL TEST FOR SELF-INSURANCE
You may be eligible to meet these financial responsibility ìrequirements by insuring yourself. If you pass either of ìtwo tests of self-insurance you are eligible to self-insure ìto meet these requirements. Both tests have one question ìin common that is very important:
Minimum tangible net worth
Is the tangible net worth of your firm at least $10 million?
Yes
No
You are NOT ELIGIBLE to meet these financial
responsibility requirements for self-insurance
under Test I or Test II. n
Choice of tests
Because your net worth was at least $10 million you may be ìeligible to self-insure. You must pass either one of two ìdifferent tests to be eligible to self-insure. You may want ìto try out both tests.
Is your tangible net worth at least 10 times the amount of ìfinancial assurance you are required to have?
Yes
No
Your firm is NOT ELIGIBLE to meet these financial ì assurance requirements for self-insurance. You
may want to try Test II. o
SEC, EIA or REA filings
Has your firm filed financial statements for your latest ìcompleted fiscal year with the Securities and Exchange ìCommission, the Energy Information Administration or the ìRural Electrification Administration?
Yes
No
Independent audit results
Do you have an independent audit of your firm's year-end ìfinancial statements that includes
o an adverse auditor's opinion;
o a disclaimer of opinion; or,
o a "going concern qualification"?
Yes -- any of the above
No -- none of the above
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test I.
Nor do you pass Test II. ll l l
YOU MAY BE ELIGIBLE TO SELF-INSURE:
Your firm may satisfy Test I of the Financial Test of Self ìInsurance and may be eligible to meet its UST financial ìassurance requirements by self-insurance.
YOU WILL HAVE TO DOCUMENT YOUR RESULTS ON THIS TEST:
To demonstrate to regulatory authorities that you have ìpassed this test the owner or operator and/or the guarantor ìmust have the firm's chief financial officer sign and ìprovide a letter worded exactly as specified in section ì280.95(d) of these regulations. e
Dun and Bradstreet rating
Has Dun and Bradstreet provided a financial strength rating ìof your firm of 4A or 5A?
Yes
No S
Independent audit results
Do you have an independent audit of your firm's year-end ìfinancial statements that includes
o an adverse auditor's opinion;
o a disclaimer of opinion: or,
o a "going concern" qualification?
Yes -- any of the above
No -- none of the above m
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test I.
Nor do you pass Test II. l
YOU MAY BE ELIGIBLE TO SELF-INSURE:
Your firm may satisfy Test I of the Financial Test of Self ìInsurance and may be eligible to meet its UST financial ìassurance requirements by self-insurance.
YOU WILL HAVE TO DOCUMENT YOUR RESULTS ON THIS TEST:
To demonstrate to regulatory authorities that you have ìpassed this test the owner or operator and/or the guarantor ìmust have the firm's chief financial officer sign and ìprovide a letter worded exactly as specified in section ì280.95(d) of these regulations.
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test I.
You may want to try Test II. FINANCIAL TEST OF SELF-INSURANCE
Is your tangible net worth at least SIX TIMES your amount ìof required financial assurance?
Yes
*No
Percent assets in U.S.
Are at least 90 percent of your firm's total assets located ìin the United States?
" Yes
No
i
U.S. assets ratio
Are your assets located in the United States worth at least ìSIX TIMES your firm's required amount of financial ìassurance?
Yes
No i
Working capital ratio or bond rating
Is your NET WORKING CAPITAL at least SIX TIMES your firm's ìrequired amount of financial assurance?
OR
For your most recent BOND ISSUE is your Standard and Poor's ìrating Aaa, Aa, A; or, Moody's Aaa, Aa, A or Baa?
Yes -- any one or all of the above.
No -- none of the above. h
SEC, EIA or REA filings
Has your firm filed financial statements for its latest ìfiscal year with the Securities and Exchange Commission, ìthe Energy Information Administration or the Rural ìElectrification Administration?
Yes -- any of the above
No -- none of the above
Independent audit results
Do you have an independent audit of your firm's year-end ìfinancial statements that includes
o an adverse auditor's opinion;
o a disclaimer of opinion; or,
o a "going concern qualification"?
Yes -- any of the above
No -- none of the above
YOU MAY BE ELIGIBLE TO SELF-INSURE:
Your firm may satisfy Test II of the Financial Test of Self ìInsurance and may be eligible to meet its UST financial ìassurance requirements by self-insurance.
YOU WILL HAVE TO DOCUMENT YOUR RESULTS ON THIS TEST:
To demonstrate to regulatory authorities that you have ìpassed this test the owner or operator and/or the guarantor ìmust have the firm's chief financial officer sign and ìprovide a letter worded exactly as specified in section ì280.95(d) of these regulations.
y
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test II.
You may want to try Test I. y ????? y
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test II.
You may want to try Test I. y
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test II.
Nor would you pass Test I. y
YOU MAY BE ELIGIBLE TO SELF-INSURE:
Your firm may satisfy Test I of the Financial Test of Self ìInsurance and may be eligible to meet its UST financial ìassurance requirements by self-insurance.
YOU WILL HAVE TO DOCUMENT YOUR RESULTS ON THIS TEST:
To demonstrate to regulatory authorities that you have ìpassed this test the owner or operator and/or the guarantor ìmust have the firm's chief financial officer sign and ìprovide a letter worded exactly as specified in section ì280.95(d) of these regulations.
Independent audit results
Do you have an independent audit of your firm's year-end ìfinancial statements that includes
o an adverse auditor's opinion;
o a disclaimer of opinion; or,
o a "going concern qualification"?
Yes -- any of the above
! No -- none of the above l
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test II.
Nor would you pass Test I. l
YOU MAY BE ELIGIBLE TO SELF-INSURE:
Your firm may satisfy Test II of the Financial Test of Self ìInsurance and may be eligible to meet its UST financial ìassurance requirements by self-insurance.
YOU WILL HAVE TO DOCUMENT YOUR RESULTS ON THIS TEST:
To demonstrate to regulatory authorities that you have ìpassed this test the owner or operator and/or the guarantor ìmust have the firm's chief financial officer sign and ìprovide a letter worded exactly as specified in section ì280.95(d) of these regulations.
YOU MUST HAVE SPECIAL AUDITOR'S REPORT:
You must have a special auditor's report which compares the ìfinancial information reported in your test submission to ìyour firm's financial statements and certifies that there ìare no material differences between the two. t
Working capital ratio or bond rating
Is your firm's NET WORKING CAPITAL at least SIX TIMES the ìamount of financial assurance it is required to have?
OR
For your firm's most recent bond issue is the Standard and ìPoor's bond rating AAA, AA, A or BBB; or, Moody's Aaa, Aa, ìA, or Baa?
# Yes -- any of the above
+No -- none of the above r
SEC, EIA or REA filings
Has your firm filed financial statements for its latest ìfiscal year with the Securities and Exchange Commission, ìthe Energy Information Administration or the Rural ìElectrification Administration?
$ Yes -- any of the above
' No -- none of the above
Independent audit results
Do you have an independent audit of your firm's year-end ìfinancial statements that includes
o an adverse auditor's opinion;
o a disclaimer of opinion; or,
o a "going concern qualification"?
%Yes -- any of the above
& No -- none of the above
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test II.
Nor would you pass Test I. l
YOU MAY BE ELIGIBLE TO SELF-INSURE:
Your firm may satisfy Test II of the Financial Test of Self ìInsurance and may be eligible to meet its UST financial ìassurance requirements by self-insurance.
YOU WILL HAVE TO DOCUMENT YOUR RESULTS ON THIS TEST:
To demonstrate to regulatory authorities that you have ìpassed this test the owner or operator and/or the guarantor ìmust have the firm's chief financial officer sign and ìprovide a letter worded exactly as specified in section ì280.95(d) of these regulations. y
Independent audit results
Do you have an independent audit of your firm's year-end ìfinancial statements that includes
o an adverse auditor's opinion;
o a disclaimer of opinion; or,
o a "going concern qualification"?
(Yes -- any of these
) No -- none of these r
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test II.
Nor would you pass Test I. l
YOU MAY BE ELIGIBLE TO SELF-INSURE:
Your firm may satisfy Test II of the Financial Test of Self ìInsurance and may be eligible to meet its UST financial ìassurance requirements by self-insurance.
YOU WILL HAVE TO DOCUMENT YOUR RESULTS ON THIS TEST:
To demonstrate to regulatory authorities that you have ìpassed this test the owner or operator and/or the guarantor ìmust have the firm's chief financial officer sign and ìprovide a letter worded exactly as specified in section ì280.95(d) of these regulations.
YOU MUST HAVE A SPECIAL AUDITOR'S REPORT:
You must have a special auditor's report which compares the ìfinancial information reported in your test submission to ìyour firm's financial statements and certifies that there ìare no material differences between the two. t
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test II.
You may want to try Test I i
Your firm is NOT ELIGIBLE to self-insure ìaccording to Test II.
You may want to try Test I. i
To answer the questions on this test you will need ìto know the total amount of financial assurance you ìare required to have, your tangible net worth, and ìsome other information about your firm's financial ìstatus. d
To take this test you will need the following information:
o Your net working capital,
o Your required amount of financial assurance, and
o Whether 90 percent or more of your firm's assets are
located in the U.S.:
To demonstrate to regulatory authorities that you have passed ìthis test the owner or operator and/or the guarantor must ìhave the firm's chief financial officer sign and provide a ìletter worded exactly as specified in section 280.95(d) of ìthese regulations.
YOU MUST HAVE A SPECIAL AUDITOR'S REPORT:
You must have a special auditor's report which compares the ìfinancial information reported in your test submission to ìyour firm's financial statements and certifies that there are ìno material differences between the two. f
