Wisconsin Administrative Code
Department of Natural Resources
NR 600-699 - Environmental Protection - Hazardous Waste Management
Chapter NR 667 - Standards For Owners And Operators Of Hazardous Waste Facilities Operating Under A Standardized License
Subchapter H - Financial Requirements
Section NR 667.0141 - Definitions of terms used in this subchapter

Universal Citation: WI Admin Code § NR 667.0141

Current through August 26, 2024

When used in this subchapter, the following terms have the following meanings:

(1) "Closure plan" means the plan for closure prepared according to the requirements of s. NR 667.0112.

(2) "Current closure cost estimate" means the most recent of the estimates prepared according to s. NR 667.0142(1), (2), and (3).

(4) "Parent corporation" means a corporation that 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.

(6) 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:

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

(b) "Current plugging and abandonment cost estimate" means the most recent of the estimates prepared according to ch. NR 815.

(c) "Independently audited" refers to an audit performed by an independent certified public accountant according to generally accepted auditing standards.

(d) "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.

(e) "Tangible net worth" means the tangible assets that remain after deducting liabilities. Tangible 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" shall have the meanings given these terms under 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 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 following definitions of several of the terms are intended to assist in the understanding of these rules and are not intended to limit their meanings in a way that conflicts with general insurance industry usage:

(a) "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.

(b) "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.

(8) "Substantial business relationship" means the extent of a business relationship necessary under applicable state statute to make a guarantee contract issued incident to that relationship valid and enforceable. A substantial business relationship shall 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.

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