South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-79 - Hazardous Waste Management Regulations › Part 61-79.265 - INTERIM STATUS STANDARDS FOR OWNERS AND OPERATORS OF HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Subpart H - FINANCIAL REQUIREMENTS BONDS, OR INSURANCE POLICIES › Section 61-79.265.H.141 - Definitions of terms as used in this subpart

Current through Register Vol. 48, No. 6, June 28, 2024
(a) "Closure plan" means the plan for closure
				  prepared in accordance with the requirements of Section265.112 of Subpart
				  G.
(b) "Current closure cost
				  estimate" means the most recent of the estimates prepared in accordance with
				  Section265.142 (a), (b), and (c).
(c) "Current post-closure cost estimate"
				  means the most recent of the estimates prepared in accordance with
				  Section265.144 (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 Subpart G,
				  Sections265.117 through 265.120.
(f) 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 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 probably 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 Section
					 44-56-10
					 et seq. 144.62(a), (b), and (c) of this title. (revised 12/92)
"Independently audited" refers to an audit performed by an
					 independent certified public accountant in accordance with generally accepted
					 auditing standards.
"Liabilities" means probably 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
				  Agency 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
				  Department.