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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 7 - Agriculture |
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Subtitle B - Regulations of the Department of Agriculture |
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Chapter IV - Federal Crop Insurance Corporation, Department of Agriculture |
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Part 400 - General Administrative Regulations |
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Subpart L - Reinsurance Agreement - Standards for Approval; Regulations for the 1997 and Subsequent Reinsurance Years |
§ 400.161 - Definitions.
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§ 400.161 Definitions.
In addition to the terms defined in the Standard Reinsurance Agreement, Livestock Price Reinsurance Agreement and any other Reinsurance Agreement, the following terms as used in this rule are defined to mean:
(a) Annual Statutory Financial Statementan insurerAnnual statutory financial statement means the annual financial statement of
insurera Company prepared in accordance with Statutory Accounting Principles and submitted to the state insurance department if required by any state in which the
(b)Company is licensed.
company reinsured by FCIC or applyCompany means the
Standardinsurance company that currently has or is applying to FCIC for a
(c) CorporationReinsurance Agreement.
. (d) FCIC meansFCIC means the Federal Crop Insurance Corporation
cropas authorized in section 503 of the Federal
Corporation.Crop Insurance
(e) Financial statement means any documentation submitted by a company as required by this subpart.
(f) Guaranty fund assessments means the state administered program utilized by some state insurance regulatory agencies to obtain funds with which to discharge unfunded obligations of insurance companies licensed to do business in that state.
(h)(g) Insurer means an insurance company that is licensed or admitted as such in any State, Territory, or Possession of the United States.
Act (7 U.S.C. 1503).
an insurerMPUL means the maximum possible underwriting loss that
with FCIC,a Company can sustain on policies it intends to reinsure
reinsurance agreement with FCIC,after adjusting for the effect of any
outsideReinsurance Agreement and any
agreementsprivate reinsurance
, as evaluated by FCIC.
(j)(i) Obligations mean crop or indemnity for crop loss on policies reinsured under the Standard Reinsurance Agreement.
operation means a statment submitted to FCIC each year in which a reinsured or a prospective reinsured specifies the reinsurance options it wishes to use, its marketing plan, and similar information as required by the Corporation. (k)Plan of
Operations means the documentation and information submitted by a Company to apply for or maintain a Reinsurance Agreement as required by FCIC.
an insurerQuarterly Statutory Financial Statement means the quarterly financial statement of
insurera Company prepared in accordance with Statutory Accounting Principles and submitted to the state insurance department if required by any state in which the
(l)Company is licensed.
agreement means an agreement between two parties by which an insurer cedes to a reinsurer certain liabilities arising from the insurer's sale of insurance policies.Reinsurance
(m) Reinsured means the insurer which is a party to the Standard Reinsurance Agreement with FCIC.
(n) Standard Reinsurance Agreement (Agreement) means the reinsurance agreement between the reinsured and FCIC.
[52 FR 17543, May 11, 1987. Redesignated at 53 FR 3, Jan. 4, 1988, as amended at 57 FR 34666, Aug. 6, 1992; 60 FR 57903, Nov. 24, 1995]
Agreement means the Standard Reinsurance Agreement, Livestock Price Reinsurance Agreement or any other Reinsurance Agreement between the Company and FCIC.