[Code of Federal Regulations]
[Title 33, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 33CFR135.213]

[Page 65]
 
                TITLE 33--NAVIGATION AND NAVIGABLE WATERS
 
   CHAPTER I--COAST GUARD, DEPARTMENT OF HOMELAND SECURITY (CONTINUED)
 
PART 135--OFFSHORE OIL POLLUTION COMPENSATION FUND--Table of Contents
 
       Subpart C--Financial Responsibility for Offshore Facilities
 
Sec. 135.213  Qualification as self-insurer.

    (a) Qualification for self insurance must be supported by a copy of 
the self-insurer's current balance sheet, income statement, and 
statement of changes in financial position that are certified by an 
independent Certified Public Accountant and must be accompanied by 
either:
    (1) An additional statement confirming that the self-insurer's 
current U.S. assets, including those of consolidated subsidiaries held 
in the U.S., not including pledged assets or stock not publicly traded, 
exceed the current U.S. liabilities, and the self-insurers net worth 
exceeds the amount of the requested self-insurance; or
    (2) A statement, based on an analysis of the self-insurer's 
financial position, which shows that sufficient assets or cash flow, 
other than which might be damaged as a result of a pollution incident, 
are available which may be liquidated to provide the funds necessary to 
retire a claim for the amount of the self-insurance without placing the 
self-insurer in an insolvent position.
    (b) The statements required by paragraphs (a) (1) and (2) of this 
section must be prepared and submitted by the involved Certified Public 
Accountant when the required financial statements are prepared in 
consolidated form and the liability represents less than the full 
financial backing of the consolidated entity, otherwise they may be 
prepared and submitted by the Treasurer or equivalent official.
    (c) If the self-insurer files a Securities and Exchange Commission 
Form 10-K report, a copy of the self-insurer's most recent 10-K report 
must be filed with the Fund Administrator within 120 days after the end 
of the fiscal year to which it relates, in addition to filing the most 
recent 10-K report with the initial application.
    (d) Each self-insurer must file annually with the Fund 
Administrator, copies of documents required under paragraph (a) of this 
section, within 120 days after the close of the self-insurer's fiscal 
accounting period. If a self-insurer files a 10-K report with the Fund 
Administrator under paragraph (c) of this section which contains some of 
the financial statements required in paragraph (a), a separate filing of 
those specific statements need not be made.