2019 South Bend Financial Assurance Test Report

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SOLID WASTE LAND DISPOSAL FACILITIES with instructions from the commissioner. (D)The issuing institution must be an entity: (i)that has the authority to issue letters of credit;and (ii)whose letters of credit operations are regulated and examined by a federal or Indiana agency. (4)The insurance option,including the following: (A)The permittee may satis1~,’the requirements of this section by doing as follows: (i)Provide evidence of insurance on: (AA)forms provided by the commissioner;or ~B)other forms approved by the commissioner. (ii)Submit a certificate of closure insurance to the commissioner. (B)All insurance must include the following requirements: (i)Be in the amount determined by subsection (b). (ii)Provide that,upon written notification to the insurer by the commissioner that the permittee has failed to perform final closure,the insurer shall make payments: (AA)in any amount,not to exceed the amount insured;and ~B)to any person authorized by the commissioner. (iii)Provide that the permittee shall maintain the policy in full force and effect unless the commissioner consents in writing to termination of the policy. (iv)Provide for assignment of the policy to a transferee permittee. (v)Provide that the insurer may not cancel,terminate,or fail to renew the policy except for failure of the permittee to pay the premium.No policy may: (AA)be canceled; (BB)be terminated;or (CC)fail to be renewed; unless at least one hundred twenty (120)days before the event the commissioner and the permittee are notified by the insurer in writing. (C)The insurer shall either be: (i)licensed to transact the business of insurance;or (ii)eligible to provide insurance as an excess or surplus lines insurer; in one (1)or more states. (5)The financial test for restricted waste sites option,including the following: (A)This financial test is only available for restricted waste sites.To be deemed to have established financial responsibility,the permittee must meet one (1)of the following requirements: (i)All items in clause (B)ifthe permittee currently has a bond rating issued by Standard and Poor’s or Moody’s. (ii)Clause (B)(i)and either clause (B)(ii)or (B)(iii)if the permittee: (AA)is a public utility operating in Indiana subject to the jurisdiction of the Indiana utility regulatory commission under IC 8-1-2;and ~B)remits annual financial information to the commission under IC 8-1-2-16. The remitted financial information is subject to examination and audit by the Indiana utility regulatory commission under IC 8-1-2-17 and IC 8-1-2-18. (iii)Clause (B)(i)and (B)(ii)if the permittee currently does not have a bond rating issued by Standard and Poor’s or Moody’s. (B)The following criteria will be used to establish financial responsibility: (i)Less than fifiy percent (50%)of the company’s gross revenues are derived from waste management. (ii)The permittee meets the following four (4)tests: (AA)Two (2)of the following three (3)ratios are met: (aa)A ratio of total liabilities to net worth less than two (2.0). (bb)A ratio of the sum of net income plus depreciation,depletion,and amortization to total liabilities greater than one-tenth (0.1). Indiana Administrative Code Page 250