Hawaii Administrative Rules › Title 11 - DEPARTMENT OF HEALTH › Subtitle 1 - GENERAL DEPARTMENTAL PROVISIONS › Chapter 264 - HAZADOUS WASTE MANAGEMENT STANDARDS FOR OWNERS AND OPERATERS OF HAZADOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Subchapter H - FINANCIAL REQUIREMENTS › Section 11-264-141 - Definitions of terms as used in this subchapter

Current through June, 2024
(a)
				  ''Closure plan'' means the plan for closure prepared in accordance with the
				  requirements of section 11-264-112.
(b) "Current closure cost estimate'' means
				  the most recent of the estimates prepared in accordance with subsections
				  11-264-142(a), (b), and (c).
(c)
				  "Current post-closure cost estimate'' means the most recent of the estimates
				  prepared in accordance with subsections 11-264-144(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 sections
				  11-264-117 through 11-264-120.
(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 rules 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
					 40 CFR
					 144.62(a), (b), and (c) (
					 1998 ).
"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
				  department 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 rules 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.