Indiana Administrative Code
Title 329 - SOLID WASTE MANAGEMENT DIVISION
Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT
Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities
Section 14-2 - Definitions

Universal Citation: 329 IN Admin Code 14-2

Current through September 18, 2024

Authority: IC 13-14-8; IC 13-22-2-4

Affected: IC 13-22-2; 40 CFR 265.141

Sec. 2.

(a) The definitions in this section apply throughout this rule.

(b) "Closure plan" means the plan for closure prepared in accordance with the requirements of 40 CFR 265.112.

(c) "Current closure cost estimate" means the most recent of the estimates prepared in accordance with section 3(a) through 3(c) of this rule.

(d) "Current post-closure cost estimate" means the most recent of the estimates prepared in accordance with section 13(a) through 13(c) of this rule.

(e) "Parent corporation" means a corporation that directly owns at least fifty percent (50%) of the voting stock of the corporation that is the facility owner or operator; the corporation that is the facility owner or operator is deemed a subsidiary of the parent corporation.

(f) "Post-closure plan" means the plan for post-closure care prepared in accordance with the requirements of 40 CFR 265.117 through 40 CFR 265.120.

(g) The following terms are used in the specifications for the financial tests for closure, post-closure care, and liability coverage, are intended to assist in the understanding of this rule, and are not intended to limit the meanings of terms in a way that conflicts with generally accepted accounting practices:

(1) "Assets" means all existing and all probable future economic benefits obtained or controlled by a particular entity.

(2) "Current assets" means cash or other assets or resources commonly identified as those that are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business.

(3) "Current liabilities" means obligations whose liquidation is reasonably expected to require the use of the existing resources properly classifiable as current assets or the creation of other current liabilities.

(4) "Independently audited" refers to an audit performed by an independent certified public accountant in accordance with generally accepted auditing standards.

(5) "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.

(6) "Net working capital" means current assets minus current liabilities.

(7) "Net worth" means total assets minus total liabilities and is equivalent to owner's equity.

(8) "Tangible net worth" means the tangible assets that remain after deducting liabilities; such assets would not include intangibles such as good will and rights to patents or royalties.

(h) In the liability insurance requirements in section 24 of this rule, the terms "bodily injury" and "property damage" must have the meanings given these terms by Indiana law. However, these terms do not include those liabilities, which, consistent with standard industry practice, are excluded from coverage in liability policies for bodily injury and property damage. The board intends the meanings of other terms used in the liability insurance requirements in section 24 of this rule to be consistent with their common meanings within the insurance industry. The following definitions are intended to assist in the understanding of this rule and are not intended to limit their meanings in a way that conflicts with general insurance industry usage:

(1) "Accidental occurrence" means an accident, including continuous or repeated exposure to conditions, that results in bodily injury or property damage neither expected nor intended from the standpoint of the insured.

(2) "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.

(3) "Nonsudden accidental occurrence" means an occurrence that takes place over time and involves continuous or repeated exposure.

(4) "Sudden accidental occurrence" means an occurrence that is not continuous or repeated in nature.

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