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Hide details for Financial Assurance (hazardous waste)Financial Assurance (hazardous waste)
10/25/2007FINANCIAL ASSURANCE PROGRAMMATIC OVERSIGHTMemo
 Description: Regions should be sure to include financial assurance in their oversight program elements: development of agreements with states setting out annual targets, annual summaries of state accomplishments, annual meetings between the regions and states, mid-year meetings or calls, State Directors meetings, regular staff or management level conference calls, file or permit reviews, and training. The key focus should be on areas where EPA can provide assistance, either at the regional or headquarters level, to ensure states and regions have appropriate expertise and tools available.
 
10/16/2007FILE MANAGEMENT FOR RCRA FINANCIAL ASSURANCEMemo
 Description: Organized facility financial information helps ensure that regulators have the ability to quickly access financial assurance, determine whether a facility is in compliance with financial assurance regulations, and assists regulators to quickly take appropriate action in the event of developments such as notice of policy cancellation or facility bankruptcy. Components of a well organized financial assurance file management system include: Financial Assurance Checklist, Closure/Post-Closure Plans, Cost Estimate Updates, and Financial Assurance Instrument.
 
04/25/2007USE OF CAPTIVE INSURANCE AS A FINANCIAL ASSURANCE TOOLMemo
 Description: The use of independent credit analysis is a cost-effective mechanism for demonstrating the financial strength of a captive insurer. EPA will consider including an independent ratings requirement to Alternative I of the current financial test. EPA may initiate the ADP or through implementation assistance.
 
01/30/2007REVIEW OF FINANCIAL ASSURANCE INFORMATION WHEN A RCRA PERMIT IS ISSUED, RENEWED, OR REVIEWEDMemo
 Description: Regions and States should carefully review facility cost estimates and financial assurance instruments during the permit application process for new or renewed permits, and for land disposal permits during the five-year review. The closure and post-closure reviews should focus on conformance with the requirements in Part 264 Subpart H. Where financial assurance mechanisms are in place for corrective action, or are needed, at the time of permit issuance, permit renewal, or five-year review, regulators should carefully review those costestimates and financial assurance instruments. These activities will help ensure that the cost estimates are adequate, and that the financial assurance instruments meet the regulatory requirements. EPA will provide financial assurance review training to Regions and states.
 
02/21/2006FINANCIAL ADVISORY BOARD RECOMMENDATIONS ON FINANCIAL TEST AND CORPORATE GUARANTEE AS FINANCIAL ASSURANCE METHODSMemo
 Description: States should consider the financial assurance requirements from the view of the potential creditor. Independent credit analysis serves as a a cost-effective mechanism for demonstrating ability to meet financial obligations. The financial test does not depend on an independent credit analysis.
 
11/14/2001EXTENSION OF THE OFF-SITE RULE FOR SAFETY-KLEEN FACILITIES Memo
 Description: EPA Region VIII extended the Off-Site Rule deadline to November 30, 2001, for the Aragonite and Clive Safety-Kleen facilities to provide time for the state to approve the new certificate of insurance. Because Safety-Kleen has failed to obtain compliant financial assurance for the Grassy Mountain and Deer Trail facilities, EPA can not justify a deadline extension. If these facilities obtain compliant financial assurance, a new determination of acceptability can be initiated.
 
03/16/2001FINANCIAL ASSURANCE OBLIGATIONS UNDER RCRAMemo
 Description: The implementing agency should review a financial assurance agreement to ensure that the agreement complies with the regulations and is an enforceable document. EPA and state environmental agencies must determine whether a financial assurance provider meets the regulatory requirements, but they are not required to assess the financial viability of provider. The provider’s financial viability would be examined by another agency, such as the U.S. Treasury, which specializes in such determinations. An owner or operator who uses surety bonds to demonstrate financial assurance must use a surety that is listed as accepted in U.S. Treasury’s Circular 570.
 
01/07/1999REQUIREMENTS FOR USING THE CORPORATE GUARANTEE FOR CLOSURE AND POST-CLOSURE CAREMemo
 Description: 264.151(h)(1) was not intended to restrict guarantors to entities incorporated in the United States so long as guarantors meet the other regulatory requirements.
 
10/01/1997CHANGING FINANCIAL ASSURANCE MECHANISMS DURING POST-CLOSUREQuestion & Answer
 Description: TSDF owner/operators who switch to trust funds during the operating life of the facility are required to make an initial payment equal to the amount the fund would have contained if the fund were used initially. TSDFs switching to trust funds during post-closure have no pay-in period, and must ensure that the first payment is the full amount to cover post-closure care.
 
04/30/1997INTERPRETATION OF THE LETTER OF CREDIT REQUIREMENTS FOR LIABILITY COVERAGEMemo
 Description: Annual aggregate refers to the amount for the one year period of the letter of credit, regardless if the term of the letter spans a new calendar year. The exposure of the issuer of a letter of credit is limited to the amount of the annual aggregate.
 
02/27/1997OBSOLETE LANGUAGE IN THE FINANCIAL TEST FOR SUBTITLE C TREATMENT STORAGE AND DISPOSAL FACILITIESMemo
 Description: The use of financial test or corporate guarantee for financial assurance requires the owner or operator’s chief financial officer (CFO) to submit a copy of a special report from a certified public accountant (CPA). Section 264.143(f)(3)(iii)(B) requires CPA negative assurance, which is now inconsistent with current professional auditing standards. In addition to, or in lieu of negative assurance, EPA will accept American Institute of Certified Public Accountant’s agreed-upon procedures engagement. The CFO can adjust for post-retirement benefits other than pensions, and defer recognition of these benefits as liabilities (SEE ALSO: 59 FR 51527; 10/12/94).
 
12/01/1996ANNUAL PAYMENTS INTO A STANDBY TRUST FUND WHEN USING A LETTER OF CREDITQuestion & Answer
 Description: The owner or operator is not required to make annual payments to a standby trust fund when using a letter of credit for financial assurance. A standby trust fund facilitates drawing on the letter of credit and may not be used as a stand alone financial assurance mechanism.
 
12/01/1996TANGIBLE NET WORTH REQUIREMENTS FOR RCRA SUBTITLE C FINANCIAL ASSURANCEQuestion & Answer
 Description: Owners or operators using the financial test must possess a minimum tangible net worth of $10 million. When six times the amount of liability coverage, as required by the financial test, is more than $10 million, six times multiple is the minimum tangible net worth for the financial test.
 
11/01/1996FINANCIAL STATEMENT REQUIREMENT FOR THE RCRA SUBTITLE C FINANCIAL TESTQuestion & Answer
 Description: Financial statements from the latest completed fiscal year must be used to satisfy the financial test mechanism. Estimates of financial statements may not substitute for full statements.
 
03/08/1996NEW INFLATION FACTORS FOR UPDATING FINANCIAL RESPONSIBILITY COST ESTIMATESMemo
 Description: Closure and post-closure cost estimates may be updated by using an inflation factor derived from dividing the latest GDP Implicit Price Deflator (IPD) by the deflator for the previous year. The GDP IPD has largely supplanted the GNP IPD referenced in the regulations. In January 1996, the Commerce Department published a new series of IPDs with a new base year of 1992. Cost estimates should use the new IPD values based on the new 1992 base year (NOTE: 1994 and 1995 IPD figures in this memo are incorrect).
 
01/01/1996CONVERSION OF PERMITTED OR INTERIM STATUS UNITS TO GENERATOR ACCUMULATION UNITSQuestion & Answer
 Description: Permitted or interim status units converted to generator accumulation units may delay closure until the final receipt of hazardous waste. The owner or operator must maintain financial assurance until final closure is completed.
 
05/15/1995Environmental Fact Sheet: Effective Date Delayed for Landfill Financial Assurance RequirementsPublication
 Description: This fact sheet summarizes a final rule under RCRA Subtitle D that delayed the effective date for compliance with financial assurance requirements for owners and operators of all municipal solid waste landfill facilities until April 9, 1997.
 
10/07/1994ABILITY TO PASS THE RCRA FINANCIAL TEST FOR ENVIRONMENTAL OBLIGATIONSMemo
 Description: A firm may use the delayed recognition method for RCRA financial test even though it uses the immediate recognition method in accounting for purposes of SEC compliance. A firm’s Chief Financial Officer (CFO) may sign the certification.
 
08/19/1994CLARIFICATION OF CERTAIN FINANCIAL ASSURANCE REQUIREMENTS APPLICABLE TO PERMITTED HAZARDOUS WASTE FACILITIES UNDER RCRAMemo
 Description: Changes in the financial assurance mechanisms which are not specifically identified in the permit do not require a permit modification.
 
07/25/1994CLARIFICATION OF CERTAIN CLOSURE COST ESTIMATE REQUIREMENTS APPLICABLE TO FACILITIES SEEKING A PERMIT UNDER 40 CFR 264Memo
 Description: Closure cost estimates must equal the cost of closing a facility at the point where closure would be the most expensive. Salvage value for waste, equipment, land, assets, or zero cost for hazardous and nonhazardous wastes may not be used in the estimate. A third party is a party who is neither a parent or subsidiary corporation.
 
06/01/1994FINANCIAL ASSURANCE COST ADJUSTMENTS ON A QUARTERLY BASISQuestion & Answer
 Description: If a facility’s anniversary date for financial assurance (fiscal year) does not coincide with the issuance of the annual Implicit Price Deflator (IPD), it may use the latest annual figures for the IPD, or the most recent quarterly figures comparing with the same quarter trom the year before.
 
06/01/1994GNP VS. GDP FOR COST ADJUSTMENTS UNDER RCRAQuestion & Answer
 Description: EPA allows financial assurance cost estimate updates using the annual Implicit Price Deflator (IPD) based on the Gross Domestic Product (GDP) or the Gross National Product (GNP) so long as one is used consistently. If an owner or operator switches from using GNP to GDP, then their previous cost estimates must be accordingly adjusted.
 
04/01/1994FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENT 106 AND ITS AFFECTS ON THE RCRA FINANCIAL TESTMemo
 Description: A firm may use the delayed recognition method for the RCRA financial test even though it uses the immediate recognition method in its accounting for purposes of SEC compliance. The firm’s Chief Financial Officer (CFO) may sign the certification.
 
12/15/1993Environmental Fact Sheet: Financial Assurance Mechanisms Proposed for Landfill OperatorsPublication
 Description: Summarizes EPA's proposal providing local government owners and operators of municipal solid waste landfills additional flexibility in meeting federal financial assurance requirements.
 
06/01/1993CLOSURE TIMETABLE FOLLOWING TERMINATION OF INTERIM STATUSQuestion & Answer
 Description: Owners of facilities that lost interim status (LOIS) must submit a closure plan to the state or Regional office no later than 15 days after termination of interim status. The remainder of the interim status closure timetable is dictated by the date of approval of the closure plan
 
03/15/1993Safer Disposal for Solid Waste: The Federal Regulations for LandfillsPublication
 Description: Summarizes the federal regulations covering landfill location, operation, design, groundwater monitoring and corrective action, closure and postclosure care, and financial assurance. Gives owners/operators and local officials dates for compliance and additional sources of information.
 
10/01/1991TSDF CLOSURE/POST-CLOSURE AFTER LOSS OF INTERIM STATUSQuestion & Answer
 Description: An owner of a facility that has lost interim status (LOIS) must still comply with the Part 265 closure and post-closure requirements. a facility can lose interim status due to the owner’s failure to submit a certification of compliance with the groundwater monitoring and financial responsibility requirements.
 
05/28/1990FINANCIAL RESPONSIBILITY REQUIREMENTS - CERTIFYING CLOSUREMemo
 Description: Owners and operators need to record notations on the property deeds within 60 days of certifying closure. Financial assurance ends within 60 days of receiving certification of final closure.
 
01/25/1990BODILY INJURY/PROPERTY DAMAGE CLAIMS AT TSDFSMemo
 Description: Owners or operators must notify the Regional Administrator (RA) in writing within 30 days of making a claim for bodily injury or property damage.
 
05/16/1989ACCEPTABLE BOND RATINGS FOR USE IN SUBTITLE C FINANCIAL TESTMemo
 Description: Alternative bond ratings may be used to meet the conditions of the financial test.
 
04/01/1989GENERATOR CLOSURE/FINANCIAL REQUIREMENTSQuestion & Answer
 Description: LQGs must comply with 265.111 and 265.114. SQGs need only comply with the applicable accumulation unit closure requirements. Generator tanks which cannot meet the closure performance standards must close as a landfill and comply with 265, Subparts G and H.
 
03/02/1989FINANCIAL ASSURANCE FOR CORRECTIVE ACTION BEYOND FACILITY BOUNDARIESMemo
 Description: Discusses the circumstances under which the financial assurance liability instruments (insurance policy, letter of credit, surety bond, corporate guarantee, trust fund, and financial test) can be used to satisfy financial responsibility for corrective action beyond facility boundaries (off site). EPA does not believe the requirement for financial assurance for corrective action beyond the facility boundary duplicates other financial assurance requirements.
 
12/01/1988FINANCIAL ASSURANCEQuestion & Answer
 Description: The nonsudden liability coverage / financial assurance requirements are on an owner / operator specific basis, not on a facility specific basis. An owner of three TSDFs is required to demonstrate coverage for only $3 million per occurrence (not $9 million) (SEE ALSO: RPC# 10/1/88-02).
 
11/01/1988ADJUSTMENT OF POST-CLOSURE TRUST FUNDS USED FOR FINANCIAL ASSURANCEQuestion & Answer
 Description: The state or Regional Administrator (RA) must approve a release of funds from a trust fund when the fund amount exceeds the remaining post-closure costs.
 
10/01/1988FINANCIAL ASSURANCEQuestion & Answer
 Description: The nonsudden liability coverage/financial assurance requirements are on an owner/operator specific basis, not a facility specific basis. An owner of three TSDFs is required to demonstrate coverage for only $3 million per occurrence (not $9 million).
 
02/25/1988EXCLUSIONS FOR PRE-EXISTING CONDITIONS IN TSDF INSURANCE POLICIESMemo
 Description: Insurance certificates or endorsements should provide evidence that the issued policies do not contain unacceptable exclusions. There are no plans to expand the coverage for nonsudden events to all TSDFs.
 
11/23/1987EXCLUSIONS FOR PRE-EXISTING CONDITIONS IN RCRA TSDF INSURANCE POLICIES, GUIDANCE ONMemo
 Description: Provides examples of acceptable language for pre-existing conditions in TSDF liability insurance and a summary of steps for EPA or authorized states to follow when reviewing pre-existing conditions.
 
11/23/1987RISK RETENTION GROUPS AND FINANCIAL ASSURANCE REQUIREMENTSMemo
 Description: A risk retention group that meets the requirements of the Risk Retention Act of 1986 and which is licensed to transact the business of insurance in at least one state qualifies to issue liability insurance policies.
 
11/10/1987FACILITIES UNABLE TO MEET LIABILITY COVERAGE REQUIREMENTSMemo
 Description: Only a few hazardous waste facilities have been prevented from obtaining a permit because of noncompliance with the liability coverage.
 
11/10/1987FINANCIAL ASSURANCE FOR LIABILITY THROUGH RISK RETENTION GROUPMemo
 Description: Policies issued by risk retention groups may meet the financial assurance requirements if the group satisfies the Risk Retention Act of 1986 provisions and is licensed to transact the business of insurance in at least one state.
 
11/10/1987THIRD-PARTY LIABILITY COVERAGE REQUIREMENTSMemo
 Description: Information obtained from a questionnaire will allow EPA to identify problems with obtaining third-party liability coverage, especially through the insurance mechanism. Facilities must demonstrate liability coverage for third-party bodily injury and property damage by sudden and non-sudden accidents.
 
11/01/1987FINANCIAL ASSURANCEQuestion & Answer
 Description: Because a grandparent corporation does not meet the definition of a parent corporation, a grandparent corporation may not be used to demonstrate financial assurance via a corporate guarantee (SUPERSEDED: See 53 FR 33941, 22951; 9/1/88, and current 264, 265 Subpart H).
 
06/01/1987LIABILITY REQUIREMENTS OFSUBSIDIARIESQuestion & Answer
 Description: A parent company that uses a corporate guarantee to demonstrate financial assurance for multiple subsidiaries must base the financial test’s required multiples on the true aggregate of liability guaranteed.
 
04/01/1987LIABILITY COVERAGE REQUIREMENTS WITH RESPECT TO LOSS OF INTERIM STATUSMemo
 Description: A submittal of a Hazardous Waste Facility Liability Endorsement or a Certificate of Liability Insurance is sufficient to indicate compliance with RCRA liability coverage, since insurance companies can rely on the standard language rather than having to assure that the language of individual policies meets the regulatory requirements.
 
03/02/1987LIABILITY REQUIREMENTS FOR FACILITIES ACTIVELY SEEKING A RCRA PERMITMemo
 Description: Facilities seeking a permit must demonstrate financial assurance prior to permit issuance. Facilities who satisfactorily demonstrate compliance with the other Part 264 requirements, but cannot obtain financial assurance, may be given extra time to find alternative mechanisms before the permit is denied.
 
01/15/1987RCRA Guidance Manual for Subpart G Closure and Postclosure Care Standards and Subpart H Cost Estimating RequirementsPublication
 Description: This document assists regions and states with implementation of closure and post-closure care and cost estimate regulations and helps owners and operators prepare plans and cost estimates to satisfy the regulations. The document also discusses site-specific factors that may affect closure and post-closure care activities and provides closure and post-closure checklists to assist in preparing and reviewing plans.
 
10/30/1986REQUIREMENTS OF A FACILITY GENERATING, STORING, AND MANIFESTING F001Memo
 Description: Storage facilities are subject to the financial assurance regulations.
 
09/04/1986THIRD PARTY LETTERS OF CREDIT - CONVERTIBLE BONDSMemo
 Description: A letter of credit obtained by a third party on behalf of the owner or operator may meet the financial assurance requirements. Convertible bonds are acceptable for the financial test if it is rated investment grade by either of the required rating agencies.
 
09/01/1986HAZARDOUS WASTE TANK CLOSURE AND POST-CLOSUREQuestion & Answer
 Description: If the owner or operator closing a hazardous waste tank after 1/12/87 cannot remove and decontaminate all soil, etc. he/she must close the tank as a landfill, and comply with the post-closure and financial responsibility requirements. EPA may issue a section 3008(h) corrective action order if necessary.
 
08/15/1986CORPORATE GUARANTEE FOR LIABILITY COVERAGEMemo
 Description: A corporate guarantee mechanism requires a written statement from the Attorney General or the insurance commissioner to be sent to the EPA outlining that the guarantee is a legally valid and enforceable obligation in that state.
 
07/24/1986LIABILITY REGULATIONSMemo
 Description: Liability regulations assure funds will be available for third parties compensation, increases public confidence in and reduces opposition to proposed and existing hazardous waste management facilities, and promotes improved design and operation standards. Most insurers will require risk assessment before providing coverage.
 
07/23/1986FINANCIAL RESPONSIBILITY REGULATIONS RELATED TO BANKRUPTCY (LTV)Memo
 Description: The owner or operator, or a guarantor of a corporate guarantee must notify the Regional Administrator (RA) by certified mail of the commencement of a Chapter 11 Bankruptcy proceeding, naming the owner or operator as debtor, within 10 days after commencement of the proceeding.
 
06/25/1986FINANCIAL TEST (UNION CARBIDE, 3/86)Memo
 Description: Union Carbide’s 1986 financial test does not meet the financial test criteria because the financial test procedures used to calculate the test ration are incorrect and because of generally accepted accounting principles.
 
06/01/1986FINANCIAL REQUIREMENTS/CLOSURE COSTSQuestion & Answer
 Description: The procedures for determining the pay-in period for units with different closure dates at a facility that uses a trust fund to comply with the closure financial assurance requirements.
 
03/20/1986CAPTIVE INSURANCE COMPANIES TO COMPLY WITH LIABILITY COVERAGE REQUIREMENTS, CREATION OFMemo
 Description: The coverage for bodily injury or property damage to third parties is required for hazardous waste management facilities. Some industries have established captive insurance companies to comply with the liability requirements.
 
03/01/1986FINANCIAL TEST LIABILITIESQuestion & Answer
 Description: Discusses the definition of total liabilities for purposes of a financial test mechanism ratio. The total should include accounts payable.
 
02/01/1986LIABILITY REQUIREMENTSQuestion & Answer
 Description: A company providing insurance need not be licensed in state where the facility is located unless it is required by the state. Off-shore (foreign) entities may provide insurance for a domestic TSDF provided it is licensed in one or more states.
 
01/03/1986CORPORATE GUARANTEE AS ALTERNATIVE MEANS TO MEET FINANCIAL REQUIREMENTS; FACILITY TRANSFER/RECONSTRUCTION DURING INTERIM STATUSMemo
 Description: In the past EPA has discouraged the use of a parent company corporate guarantee to meet the financial responsibility liability coverage. EPA has reconsidered its position (SUPERSEDED: SEE 264.143(f)(1), 265.143(e)(1); 52 FR 44314; 11/18/87). Because the transfer of the interim status storage facility’s operations to a new site amounts to the reconstruction of a facility, the owner must obtain a permit before beginning construction under changes during interim status. An existing facility must close under 265 Subpart G.
 
11/27/1985LOSS OF FINANCIAL RESPONSIBILITY COVERAGE ON INTERIM STATUS AND PERMIT ISSUANCEMemo
 Description: An interpretation of land disposal facilities for purposes of 3005(e)(2) loss of interim status (LOIS) provision. All interim status TSDFs are subject to RCRA financial assurance requirements. EPA will not issue a Part B permit unless the owner is in compliance with the financial assurance regulations.
 
01/01/1985FINANCIAL REQUIREMENTS FOR INACTIVE SURFACE IMPOUNDMENTSQuestion & Answer
 Description: An owner of a TSDF with an inactive surface impoundment must maintain both sudden and nonsudden liability insurance until closure is certified, even if the unit is not currently used to store hazardous waste.
 
12/03/1984FACILITY'S OPERATING LIFE, DETERMINATION OFMemo
 Description: A trust fund pay-in period must be calculated for the operating life of an entire facility, not each unit. A facility’s operating life ends in the year in which the owner or operator expects to close the facility. Salable recycled wastes cannot be deducted from closure cost estimates.
 
12/01/1984PARENT COMPANY GUARANTEE FOR NEWLY INDEPENDENT COMPANYQuestion & Answer
 Description: A parent company may not use a corporate guarantee to provide financial assurance for an autonomous, separate (or newly independent) company, because the guarantor must be a parent corporation of the owner or operator (SUPERSEDED: see current 264.143(f)(1), 265.143(e)(1)) (document provides inaccurate citations).
 
11/28/1984ENVIRONMENTAL IMPAIRMENT LIABILITY INSURANCEMemo
 Description: Environmental impairment liability (EIL) is a type of insurance that may be used to meet the liability coverage for nonsudden accidental occurrences.
 
11/20/1984INSURANCE COVERAGE LIMITSMemo
 Description: A facility can use one policy to cover both sudden and nonsudden accidental occurrences. The policy must provide coverage for the sum of the sudden and nonsudden minimum limits.
 
11/01/1984SUDDEN LIABILITY COVERAGE REQUIREMENTS Question & Answer
 Description: Financial liability insurance is required on a per firm basis rather than a per facility basis.
 
06/06/1984FINANCIAL ASSURANCE INSTRUMENTSMemo
 Description: Financial assurance instruments should be reviewed regardless of the adequacy of a facility closure plan and a closure cost estimate.
 
04/01/1984CFO SIGNATURE FOR FINANCIAL TESTQuestion & Answer
 Description: Only a Chief Financial Officer (CFO) can sign financial assurance and liability coverage demonstration letters.
 
01/30/1984AUTHORITY TO ENFORCE 264 SUBPART H COMPLIANCE AT FACILITIES LOCATED ON STATE-OWNED LANDMemo
 Description: EPA does not have the authority to enforce compliance with financial assurance regulations at a private facility that is located on land owned by a state due to the 265.140(c) exemption.
 
01/12/1984CLOSURE COST ESTIMATES BASED ON THIRD PARTY COSTSMemo
 Description: A closure cost estimate for a recycling facility may reflect the owner or operator’s own costs of carrying out his closure plan. Continued recycling at a recycling facility is a form of treatment and is a legitimate closure activity (SUPERSEDED: See current 264.142, 265.142)).
 
12/09/1983CLOSURE COST ESTIMATESMemo
 Description: Provides an explanation of the financial test criteria. The “ratios” test, a predictor of bankruptcy, requires networking capital of at least six times the sum of the closure and post-closure cost estimates. The “bond rating test” assures the viability and credit-worthiness of a company.
 
10/01/1983SERVICE CHARGES ON STAND-BY TRUST FUNDSQuestion & Answer
 Description: RCRA does not regulate trustee (bank) service charges on stand-by trust funds.
 
09/01/1983USE OF STATE-REQUIRED OR STATE-APPROVED MECHANISMSQuestion & Answer
 Description: State-required mechanisms can be substituted for EPA-approved mechanisms (264.149), and state-approved mechanisms can be used in lieu of Federal mechanisms (if approved by the Regional Administrator (RA)).
 
08/01/1983CLOSURE COST ESTIMATEQuestion & Answer
 Description: Closure cost estimates cannot include possible profits from the recycling of waste or the sale of equipment or property in order to reduce closure costs. The closure plan and closure cost estimate must be based on the point in the facility’s life where closure would be the most expensive.
 
05/11/1983SUBPART H FINANCIAL RESPONSIBILITY REQUIREMENTSMemo
 Description: States and the federal government are exempt from the financial responsibility requirements. Since financial responsibility applies to owners and operators, if one party is a state or federal government unit, the other party would not need to obtain financial assurance. A facility located on land leased from the state would not need to comply with the Subpart H requirements due to the 265.140(c) exemption.
 
05/01/1983USING IMPLICIT PRICE DEFLATOR TO CALCULATE INFLATION FACTORQuestion & Answer
 Description: Discusses the calculation of the inflation factor for closure cost estimates using 1981 and 1982 implicit price deflators.
 
03/01/1983BOND RATING FOR FINANCIAL TESTQuestion & Answer
 Description: The bond most recently issued by the owner/operator is used to establish the bond rating for the financial test. The most current rating of the bond is used.
 
03/01/1983COST ESTIMATE INFLATION ADJUSTMENTQuestion & Answer
 Description: The annual cost estimate adjustment for inflation takes place in May, even if financial test documents must be submitted earlier in the year.
 
02/01/1983OWNER/OPERATOR CANCELLATION OF INSURANCE POLICYQuestion & Answer
 Description: There is no requirement for an owner or operator to give advance notice to their insurance company when canceling or terminating an insurance policy.
 
01/01/1983CANCELLATION VS. TERMINATION OF INSURANCE POLICYQuestion & Answer
 Description: The cancellation of an insurance policy occurs during the active life of the facility. Termination occurs when the policy runs its course and is not renewed.
 
11/01/1982FINANCIAL REQUIREMENTS FOR TSDFS IN AN INTERIM AUTHORIZED STATEQuestion & Answer
 Description: Addresses the procedures in an interim authorized state for handling financial assurance for an interim status facility whose Part B is called up or requested.
 
10/07/1982CERTIFICATIONS OF LIABILITY INSURANCE, HW FACILITYMemo
 Description: Clarifies the intended meaning of “per occurrence.” Claims-made policies can be used to comply with the liability coverage requirements. Use of the terms “sudden accidental occurrence” and “nonsudden accidental occurrence” does not preclude the use of other terms in a policy to describe the extent of coverage.
 
06/01/198290-DAY EXTENSIONS FOR INSURANCE AGENTSQuestion & Answer
 Description: An owner or operator may receive a 90 day extension to the requirement to certify insurance if a licensed broker notifies EPA by letter that they are seeking insurance on behalf of the owner or operator.
 
06/01/1982CERTIFICATES OF INSURANCE FOR SUDDEN/NONSUDDEN LIABILITY COVERAGEQuestion & Answer
 Description: Discusses the procedures for making a distinction between sudden and nonsudden coverage on an endorsement or certificate of insurance.
 
06/01/1982CERTIFICATION OF SUDDEN AND NONSUDDEN LIABILITY COVERAGE BY JULY 15, 1982Question & Answer
 Description: If an owner or operator used the financial test to satisfy both sudden and non-sudden liability coverage, they may want to add a separate letter notifying the Region of such use.
 
05/15/1982Financial Assurance for Closure and Post-Closure Care; Requirements for Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities; A Guidance ManualPublication
 Description: This document communicates information to ensure that adequate financial responsibility is provided for proper closure and post-closure care of hazardous waste facilities. The introduction provides a general background for understanding financial requirements and manual organization. An overview of requirements is included in Chapter II and subsequent chapters deal with trust funds, surety bonds, letters of credit, insurance, financial test and corporate guarantee, state-required mechanisms, and assumption of responsibility.
 
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Show details for Listing Hazardous WasteListing Hazardous Waste
Show details for ManifestManifest
Show details for Medical WasteMedical Waste
Show details for Mercury WastesMercury Wastes
Show details for Military MunitionsMilitary Munitions
Show details for Mining WasteMining Waste
Show details for Miscellaneous UnitsMiscellaneous Units
Show details for Mixed Waste (radioactive waste)Mixed Waste (radioactive waste)
Show details for Municipal Solid WasteMunicipal Solid Waste
Show details for Native Americans - TribesNative Americans - Tribes
Show details for Natural GasNatural Gas
Show details for Nonhazardous WasteNonhazardous Waste
Show details for OilOil
Show details for Oil FiltersOil Filters
Show details for P-wastesP-wastes
Show details for PCBsPCBs
Show details for Permits and PermittingPermits and Permitting
Show details for PetitionsPetitions
Show details for Petroleum Refining WastesPetroleum Refining Wastes
Show details for Polychorinated Biphenyls (PCBs)Polychorinated Biphenyls (PCBs)
Show details for Post-closure (hazardous waste)Post-closure (hazardous waste)
Show details for ProcurementProcurement
Show details for Public ParticipationPublic Participation
Show details for Radioactive Mixed WasteRadioactive Mixed Waste
Show details for Reactive WastesReactive Wastes
Show details for RecyclingRecycling
Show details for Reducing WasteReducing Waste
Show details for Siting (waste facilities)Siting (waste facilities)
Show details for Small Quantity Generators (SQG)Small Quantity Generators (SQG)
Show details for Solid WasteSolid Waste
Show details for SolventsSolvents
Show details for Source ReductionSource Reduction
Show details for Special WastesSpecial Wastes
Show details for State Programs (RCRA)State Programs (RCRA)
Show details for StorageStorage
Show details for Surface ImpoundmentsSurface Impoundments
Show details for TanksTanks
Show details for Test MethodsTest Methods
Show details for Toxicity CharacteristicToxicity Characteristic
Show details for TransportersTransporters
Show details for TreatmentTreatment
Show details for TSDFsTSDFs
Show details for U-wastesU-wastes
Show details for Underground Storage Tanks (UST)Underground Storage Tanks (UST)
Show details for Universal WasteUniversal Waste
Show details for Used OilUsed Oil
Show details for VariancesVariances
Show details for Waste Determinations for Combusted Non-Hazardous Secondary MaterialsWaste Determinations for Combusted Non-Hazardous Secondary Materials
Show details for Waste MinimizationWaste Minimization
Show details for Waste PilesWaste Piles
Show details for Waste ReductionWaste Reduction
Show details for Wood Preserving WastesWood Preserving Wastes
Show details for (Not Categorized)(Not Categorized)
For more information on commonly used environmental terms please visit the Terms of the Environment EPA Home Page

 

 
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