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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 30 - Mineral Resources |
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Chapter V - Bureau of Ocean Energy Management, Department of the Interior |
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SubChapter B - Offshore |
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Part 553 - Oil Spill Financial Responsibility for Offshore Facilities |
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Subpart C - Methods for Demonstrating OSFR |
§ 553.21 - How can I use self-insurance as OSFR evidence?
Latest version.
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§ 553.21 How can I use self-insurance as OSFR evidence?
(a) If you use self-insurance to satisfy all or part of your obligation to demonstrate OSFR, you must annually pass either a net worth test under § 553.25 or an unencumbered net asset test under § 553.28.
(b) To establish the amount of self-insurance allowed, you must submit evidence of your net worth under § 553.23 or evidence of your unencumbered assets under § 553.26.
(c) You must identify a U.S. agent for service of process.