Financial responsibility

On September 23, 1988, U.S. EPA issued the final technical performance standards and associated regulations for USTs.13 On October 26,1988, U.S. EPA issued the final regulations for financial responsibility for those USTs related mainly with petroleum products. The technical standards for USTs comprise eight components, as described in the following sections13-14 ... 

Cleanup costs exceed the coverage requirements of the financially responsible party. 

Other insurance products are the so-called "financial responsibility" products. This term includes the tools that require companies to demonstrate to have sufficient financial resources for eventual future environmental damage that may arise through their activities. In its common implementation, financial responsibility implies that a production activity is authorized only if companies can prove that they will be able to financially cover economic claims, for example, using surety bonds, cash accounts, deposit certificates, self-insurances, and corporate guarantees. 

The proposed institutional framework with its three subsystems - the PRO, the PRF, and the SI - is depicted in Fig. 3. In keeping with the principles of EPR, the institutional framework allocates financial responsibility to the producers, and physical responsibility to the range of actors including the PROs, the collection agents, recyclers, ULBs, central and state agencies, and finally the consumers. 

Two mid-term objectives are closely related to the principal goal of RP. The first of them has to do with encouraging price competition, as it provides an incentive for companies to bring their prices close to the reference level. This is precisely one of the reasons why the European Commission5 recommends RP. The second mid-term objective concerns incentives, as it takes into account the cost-effectiveness ratio of prescription drags by increasing the financial responsibility of patients, which in turn may influence prescriber decisions. It is important to note that, unlike in traditional co-payment, under this system the patient s share of the cost of the product is avoidable if the patient and/or doctor select a product with a price that does not exceed the reference price. 

More stringent vessel safety and accident and spill prevention measures are regulated by the Coast Guard as promulgated under the Port and Tanker Safety Act of 1978 (33 USC, Sections 1201-1231), Safety of Life at Sea (SOLAS) Convention of 1973, and the MARPOL Convention of 1978. Financial responsibility to meet potential Lability under the CWA must also be met. 

CERCLA, or Superfund, was enacted in 1980, and amended in 1986, for the basic purpose of providing funding and enforcement authority to clean up any site where there is a past unremedied release of a hazardous substance or hazardous substance spill. Such sites are typically characterized as areas where hazardous waste or materials have been disposed of improperly, with litde if any responsible action being taken to mitigate the situation. Standards for financial responsibility were promulgated by the SARA of 1986 which further amended Section 9003 of RCRA and mandated that the EPA establish financial responsibility requirements for UST owners and operators to guarantee cost recovery for corrective action and third-party liability caused by accidental releases of USTs containing petroleum products. 

Federal legislation for ASTs is also in the process of being mandated under RCRA. This bill would include requirements for development and implementation of a release prevention plan, a tank system that is capable of containing 110% of the content of the tank and preventing off-site release, and inspection of tank systems by a qualified professional engineer. Provisions will also include evidence of financial responsibility and cleanup of product releases. There is little doubt that legislation for ASTs will be more stringent in the years to come. 

As described in Scenario 3, the board of trustees is ultimately responsible for the fiscal health of a private not-for-profit hospital. It has a financial responsibility to the public. The board typically delegates all routine responsibilities to the chief executive officer (CEO) of the institution. The board also appoints a finance committee of the board to advise the CEO on overall financial management. The finance committee is responsible for overseeing the financial position of the hospital to ensure that there is adequate operating and long-term capital available. The committee advises the board of trustees on all fiscal and investment matters. 

Size or Dimension of the Job. Includes both the financial and non financial aspects of the job, e.g., the job is part of a team, the holder will supervise two of the technicians within the team financial responsibility is restricted to the purchase of consumables and monitoring against budget. 

The group chose to start with the portfolio phase, reasoning that the company already had patents that were under-utilised. Each patent needed to be identified to determine whether it was still active, and find a business that would take over financial responsibility for its maintenance or development. 

The financial information in alchemical contracts went beyond salaries and bonuses, however it also reveals the extent to which courtly alchemy was embedded in the same entrepreneurial culture of investment as princely mining enterprises in the sixteenth century. The contracts specified the financial stakes involved, clarifying the relationship between risk and profit in alchemical projects. The contract that Michael Heinrich Wagenmann vom Hoff signed with Duke Friedrich of Wiirttemberg on 23 December 1598, for example, was a remarkably compact document of financial responsibility ... 

The contract not only carefully documented how much money was changing hands, but also stipulated that Wagenmann would be fully responsible for all of the expenses incurred should he eventually fail. By attributing financial responsibility for a failed process to the alchemist, contracts like Wagenmann s minimized the patron s financial risk in supporting the project. 

Many parents give children a weekly or monthly allowance regardless of their behavior because they believe an allowance teaches children to be financially responsible. Other parents only give children an allowance as a reward for completing chores or when they have behaved properly. 

Financial status Have you had financial responsibilities with other employers that are comparable to those required for this job If so, were there ever any documented problems concerning your handling of the organization s financial resources for which you were responsible How is your credit history Have you ever declared bankruptcy Have your wages ever been garnished ... 

As a response, a policy framework was developed and introduced in 1986, with an update for the remediation of contaminated sites in 1994, the so-called Soil Protection Act (SPA). The main purpose was to establish the accountability of individuals in contributing to soil and sediment pollution, and to include the question of financial responsibility. In the SPA, the aim to preserve soil quality has a functional basis the quality of the soil is important due to the functional properties of soil. It is not stated explicitly but it can be assumed that the organisms responsible for soil functions have to be protected. In the SPA, soil and freshwater sediment are considered to be closely linked environmental compartments that require a uniform framework for protection and remediation. 

While the federal burden of funding of ALG II, related employment services and housing costs went up, municipal responsibility for the implementation of labour market policy increased. The municipalities can free-ride in their decisions at the expense of the state budget. As the municipalities maintain the financial responsibility for income support for persons who are not able to work (social assistance), the municipalities have an incentive to shift costs by classifying persons as being able to work who would otherwise obtain municipal social assistance. Indeed, in 2005 more than 90% of the former SA recipients were assessed to be capable of working and therefore transferred to the federal funded ALG II system. 

Insured persons who are financially responsible for children are exempted from this measure. 

In order to further the goals of social assistance take-up and to realise the implementation of activation, a fourth step new statute on social assistance was enacted in 2004 (Wet Werk en Bijstand). With this statute the government increased the regulatory freedom of the municipalities and decentralised all activation policies to the municipalities. In order to give them a proper financial incentive, they were made fully financially responsible for social assistance benefits. Their financial... 

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