['Waste']
['Hazardous Waste', 'Solid Waste', 'TSD Facilities']
05/04/2022
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...
(a) Closure plan
means the plan for closure prepared in accordance with the requirements of §267.112 .
(b) Current closure cost estimate
means the most recent of the estimates prepared in accordance with §267.142(a) , (b) , and (c) .
(c) [Reserved]
(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) [Reserved]
(f) The following terms are used in the specifications for the financial tests for closure 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 plugging and abandonment cost estimate
means the most recent of the estimates prepared in accordance with §144.62(a) , (b) , and (c) of this chapter.
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.
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.
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 EPA Regional Administrator.
[70 FR 53420 Sept. 8, 2005]
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['Waste']
['Hazardous Waste', 'Solid Waste', 'TSD Facilities']
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