6 Colo. Code Regs. § 1007-3-266.11
Current through Register Vol. 48, No. 1, January 10, 2025
Section 6 CCR 1007-3-266.11 - Definitions of terms as used in this Part(a)"Closure plan" means the plan for closure prepared in accordance with the requirements of§§ 264.112 and 265.112.(b)"Current closure cost estimate" means the most recent of the estimates prepared in accordance with§ 266.12.(c)"Current post-closure cost estimate" means the most recent of the estimates prepared in accordance with§ 266.13.(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§§ 264.117 through 264.120, and 265.117 through 265.120.(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 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 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.
"Non-sudden 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.(i)"Captive Insurance Company" means a closely-held company owned by one or more organizations or parents, whose original purpose was and may continue to be, to insure some or all of the risks of shareholders or affiliated organizations.37 CR 24, December 25, 2014, effective 3/2/201538 CR 11, June 10, 2015, effective 6/30/201539 CR 05, March 10, 2016, effective 3/30/201639 CR 11, June 10, 2016, effective 6/30/201640 CR 06, March 25, 2017, effective 4/14/201740 CR 11, June 10, 2017, effective 6/30/201740 CR 21, November 10, 2017, effective 11/30/201741 CR 06, March 25, 2018, effective 4/14/201841 CR 11, June 10, 2018, effective 6/30/201841 CR 24, December 25, 2018, effective 1/14/201942 CR 06, March 25, 2019, effective 4/14/201942 CR 06, March 25, 2019, effective 5/30/201942 CR 11, June 10, 2019, effective 6/30/201943 CR 12, June 25, 2020, effective 7/15/202044 CR 06, March 25, 2021, effective 4/14/202144 CR 11, June 10, 2021, effective 6/30/202144 CR 24, December 25, 2021, effective 1/14/202245 CR 11, June 10, 2022, effective 6/30/202245 CR 17, September 10, 2022, effective 9/10/202245 CR 17, September 10, 2022, effective 9/30/202245 CR 23, December 10, 2022, effective 1/30/2023