Current through all regulations passed and filed through December 16, 2024
(A) When used in rules
3745-66-40 to
3745-66-48 of the Administrative
Code, the following terms have the following meanings:
(1) "Closure plan" means the plan for closure
prepared in accordance with rule
3745-66-12 of the Administrative
Code.
(2) "Current closure cost
estimate"
means the most recent of the estimates prepared in accordance with
paragraphs (A), (B), and (C) of rule
3745-66-42 of the Administrative
Code.
(3) "Current post-closure
cost estimate" means the most recent of the estimates prepared in accordance
with paragraphs (A), (B), and (C) of rule
3745-66-44 of the Administrative
Code.
(4) "Parent corporation"
means a corporation which directly owns at least fifty per cent 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) "Post-closure plan" means the plan for
post-closure care prepared in accordance with rules
3745-66-17 to
3745-66-20
of the
Administrative Code.
(B)
The following terms are used in the specifications for the financial test for
closure and post-closure care and liability coverage. The definitions are
intended to assist in the understanding of rules
3745-66-40 to
3745-66-48 of the Administrative
Code and are not intended to limit the meaning 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 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 existing
resources properly classifiable as current assets or the creation of other
current liabilities.
(4) "Current
plugging and abandonment cost estimate" means the most recent of the estimates
prepared in accordance with rule
3745-34-36 of the Administrative
Code.
(5) "Independently audited"
refers to an audit performed by an independent certified public accountant in
accordance with generally accepted auditing standards.
(6) "Liabilities" means probable future
sacrifices of economic benefits arising from present obligations to transfer
assets or provide services to other entitles in the future as a result of past
transactions or events
(7) "Net
working capital" means current assets minus current liabilities.
(8) "Net worth" means total assets minus
total liabilities and is equivalent to owner's equity.
(9) "Tangible net worth" means the tangible
assets that remain after deducting liabilities; such assets would not include
such intangibles such as good will and rights to patents or
royalties.
(C) In the
liability insurance requirements the terms "bodily injury" and "property
damage" shall have the meanings given these terms by applicable Ohio 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. Ohio EPA intends the meanings of
other terms used in the liability insurance requirements to be consistent with
their common meanings with in the insurance industry. The definitions of
several of the terms in paragraphs (C)(1) to (C)(4) of this rule are intended
to assist in the understanding of rules
3745-66-40 to
3745-66-48 of the Administrative
Code and are not intended to limit their meanings in a way that conflict with
general insurance industry usage.
(1)
"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.
(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 which takes place over time and involves continuous or repeated
exposure.
(4) "Sudden accidental
occurrence" means an occurrence which is not continuous or repeated in
nature.
(D) "Substantial
business relationship" means the extent of a business relationship necessary
under applicable Ohio law to make a guarantee contract issued incident to that
relationship valid and enforceable. A "substantial business relationship"
arises 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.