Canada Production Insurance Regulations
Marginal note:Actuary’s opinions
7 (1) A production insurance agreement entered into with a province shall
(a) require the submission of
(i) an opinion, signed by an actuary, stating that premium rate methodologies have been established in an actuarially sound manner, and
(ii) an opinion, signed by an actuary, stating that the insurance program is self-sustaining; and
(b) provide for the date for meeting the requirements of paragraph (a).
Marginal note:Failure to submit opinions
(2) Until the opinions required by paragraph (1)(a) are submitted, Canada shall limit its payments toward premium and reinsurance payments under the agreement in respect of the relevant fiscal year and subsequent fiscal years to the following amounts:
(a) 90% of the amount otherwise payable under the agreement if one of the requirements of paragraph (1)(a) is met; or
(b) 80% of the amount otherwise payable under the agreement if neither of the requirements of paragraph (1)(a) is met.
Marginal note:Qualified opinions
(3) If one of the opinions of the actuary indicates that the requirements of paragraph (1)(a) have not been met, premium receipts used for calculating a payment from the Crop Reinsurance Fund of Canada shall be determined by the Minister using the estimated premium receipts that would have been collected if the opinion had indicated that those requirements had been met.
Marginal note:New agricultural products
(4) The opinion referred to in subparagraph (1)(a)(i) is not required with respect to the manner of establishing premium rates for new agricultural products.
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