North Dakota Administrative Code › Title 33.1 - Department of Environmental Quality › Article 33.1-24 - Hazardous Waste Management › Chapter 33.1-24-05 - Standards for Treatment, Storage, and Disposal Facilities and for the Management of Specific Hazardous Wastes and Specific Types of Hazardous Waste Management Facilities › FINANCIAL REQUIREMENTS › Section 33.1-24-05-75 - Definitions of terms used in sections 33.1-24-05-74 through 33.1-24-05-88

Current through Supplement No. 393, July, 2024
1. "Clos ure plan"
				  means the plan for closure prepared in accordance with the requirements of
				  section 33.1-24-05-61.
2. "Current closure cost estimate" means the
				  most recent of the closure cost estimates prepared in accordance with
				  subsections 1, 2, and 3 of section
				  33.1-24-05-76.
3. "Current postclosure cost estimate" means
				  the most recent of the postclosure cost estimates prepared in accordance with
				  subsections 1, 2, and 3 of section
				  33.1-24-05-76.
4. "Parent corporation" means a corporation
				  which directly owns at least fifty 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.
5. "Postclosure plan" means the plan for
				  postclosure care prepared in accordance with the requirements of sections
				  33.1-24-05-66 through
				  33.1-24-05-69.
6. The following terms are used in the
				  specifications for the financial tests for closure, postclosure care, and
				  liability coverage. The definitions are intended to assist in the understanding
				  of these sections 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 liability" 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 part 144.62(a),
					 (b), and (c).
"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 owners 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.
7. In the liability insurance requirements,
				  the terms "bodily injury" and "property damage" 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 and 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 regulations and are not intended to limit
				  their meanings in any 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.
8. "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
				  department.
General Authority:
NDCC 23.1-04-03; S.L.
						2017, ch. 199, § 1
Law Implemented:
NDCC 23.1-04-03,
						23.1-04-05; S.L. 2017, ch. 199, §
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