§ 400.161 - Definitions.

§ 400.161 Definitions.

Cross Reference

Link to an amendment published at 83 FR 51302, Oct. 11, 2018.

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 Statement

Annual statutory financial statement means the annual financial statement of

an insurer

a Company prepared in accordance with Statutory Accounting Principles and submitted to the state insurance department if required by any state in which the

insurer

Company is licensed.

(b)

Company means the

company reinsured by FCIC or apply

insurance company that currently has or is applying to FCIC for a

Standard

Reinsurance Agreement.

(c) Corporation

FCIC means the Federal Crop Insurance Corporation

. (d) FCIC means

as authorized in section 503 of the Federal

crop

Crop Insurance

Corporation.

(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.

(g) Insurer means an insurance company that is licensed or admitted as such in any State, Territory, or Possession of the United States.

(h)

Act (7 U.S.C. 1503).

MPUL means the maximum possible underwriting loss that

an insurer

a Company can sustain on policies it intends to reinsure

with FCIC,

after adjusting for the effect of any

reinsurance agreement with FCIC,

Reinsurance Agreement and any

outside

private reinsurance

agreements

, as evaluated by FCIC.

(i) Obligations mean crop or indemnity for crop loss on policies reinsured under the Standard Reinsurance Agreement.

(j)

Plan of

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)

Operations means the documentation and information submitted by a Company to apply for or maintain a Reinsurance Agreement as required by FCIC.

Quarterly Statutory Financial Statement means the quarterly financial statement of

an insurer

a Company prepared in accordance with Statutory Accounting Principles and submitted to the state insurance department if required by any state in which the

insurer

Company is licensed.

(l)

Reinsurance

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.

(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.