Canada Production Insurance Regulations

Marginal note:Actuary’s opinions

• 7 (1) A production insurance agreement shall

  • (a) require the submission of

    • (i) an opinion, signed by an actuary, certifying that premium rate methodologies have been established in an actuarially sound manner, and

    • (ii) an opinion, signed by an actuary, certifying 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 the requirements of paragraph 1(a) have not been met, premium receipts used for calculating a payment from the Crop Reinsurance Fund shall be determined by the Minister using the estimated premium receipts that would have been collected if the opinions had indicated that the requirements of that paragraph 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.