Hawaii Administrative Rules › Title 11 - DEPARTMENT OF HEALTH › Subtitle 1 - GENERAL DEPARTMENTAL PROVISIONS › Chapter 265.1 - HAZARDOUS WASTE MANAGEMENT: INTERIM STATUS STANDARDS FOR OWNERS AND OPERATORS OF HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Part 265 - INTERIM STATUS STANDARDS FOR OWNERS AND OPERATORS OF HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Subpart H - Financial Requirements › Section 11-265.141 - Definitions of terms as used in this subpart

Current through June, 2024
(a)
Closure plan
means the plan for closure prepared in accordance
					 with the requirements of § 265.112.
(b)
Current closure cost
					 estimate
means the most recent of the estimates prepared in accordance
					 with § 265.142 (a), (b), and (c).
(c)
Current post-closure cost
					 estimate
means the most recent of the estimates prepared in accordance
					 with § 265.144 (a), (b), and (c).
(d)
Parent corporation
means
					 a corporation which directly owns at least 50 percent of the voting stock of
					 the corporation which is the facility owner or operator; the latter corporation
					 is deemed a "subsidiary" of the parent corporation.
(e)
Post-closure plan
means
					 the plan for post-closure care prepared in accordance with the requirements of
					 §§ 265.117 through 265.120.
(f) The following terms are used in the
					 specifications for the financial tests for closure, post-closure care, and
					 liability coverage. The definitions are intended to assist in the understanding
					 of these regulations and are not intended to limit the meanings of terms in a
					 way that conflicts with generally accepted accounting practices.
Assets
means all existing and all
						probable future economic benefits -obtained or controlled by a particular
						entity.
Current assets
means cash or other
						assets or resources commonly identified as those which are reasonably expected
						to be realized in cash or sold or consumed during the normal operating cycle of
						the business.
Current liabilities
means obligations
						whose liquidation is reasonably expected to require the use of existing
						resources properly classifiable as current assets or the creation of other
						current liabilities.
Current plugging and abandonment cost
						estimate
means the most recent of the estimates prepared in accordance
						with § 144.62(a), (b), and (c) of this title.
Independently audited
refers to an audit
						performed by an independent certified public accountant in accordance with
						generally accepted auditing standards.
Liabilities
means probable future
						sacrifices of economic benefits arising from present obligations to transfer
						assets or provide services to other entities in the future as a result of past
						transactions or events.
Net working capital
means current assets
						minus current liabilities.
Net worth
means total assets minus total
						liabilities and is equivalent to owner's equity.
Tangible net worth
means the tangible
						assets that remain after deducting liabilities; such assets would not include
						intangibles such as goodwill and rights to patents or royalties.
(g) In the liability insurance
					 requirements the terms
bodily injury
and
property
					 damage
shall have the meanings given these terms by applicable State
					 law. However, these terms do not include those liabilities which, consistent
					 with standard industry practice, are excluded from coverage in liability
					 policies for bodily injury and property damage. The state department of health
					 intends the meanings of other terms used in the liability insurance
					 requirements to be consistent with their common meanings within the insurance
					 industry. The definitions given below of several of the terms are intended to
					 assist in the understanding of these regulations and are not intended to limit
					 their meanings in a way that conflicts with general insurance industry usage.
Accidental occurrence
means an accident,
						including continuous or repeated exposure to conditions, which results in
						bodily injury or property damage neither expected nor intended from the
						standpoint of the insured.
Legal defense costs
means any expenses
						that an insurer incurs in defending against claims of third parties brought
						under the terms and conditions of an insurance policy.
Nonsudden accidental occurrence
means an
						occurrence which takes place over time and involves continuous or repeated
						exposure.
Sudden accidental occurrence
means an
						occurrence which is not continuous or repeated in nature.
(h)
Substantial business
					 relationship
means the extent of a business relationship necessary
					 under applicable State law to make a guarantee contract issued incident to that
					 relationship valid and enforceable. A "substantial business relationship" must
					 arise from a pattern of recent or ongoing business transactions, in addition to
					 the guarantee itself, such that a currently existing business relationship
					 between the guarantor and the owner or operator is demonstrated to the
					 satisfaction of the director.