Hawaii Administrative Rules › Title 11 - DEPARTMENT OF HEALTH › Subtitle 1 - GENERAL DEPARTMENTAL PROVISIONS › Chapter 264.1 - HAZARDOUS WASTE MANAGEMENT: STANDARDS FOR OWNERS AND OPERATORS OF HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Part 264 - STANDARDS FOR OWNERS AND OPERATORS OF HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Subpart H - Financial Requirements › Section 11-264.141 - 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
					 § 264.112.
(b) Current closure
					 cost estimate means the most recent of the estimates prepared in accordance
					 with § 264.142 (a), (b), and (c).
(c) Current post-closure cost estimate means
					 the most recent of the estimates prepared in accordance with § 264.144
					 (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 §§ 264.117 through 264.120.
(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 practices, 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 applicable
					 director.