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Part II .

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Premium Rates for Insurable Crops and Livestock Regulations

made under

Section 6 of the

Crop and Livestock Insurance Act

R.S.N.S. 1989, c. 113

O.I.C. 2005-86 (effective February 1, 2005), N.S. Reg. 26/2005

amended to O.I.C. 2021-15 (effective January 26, 2021), N.S. Reg. 13/2021

Table of Contents

Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.

Click here to go to the text of the regulations .

Citation

Interpretation

Base premium rate calculation

Base premium rate review

Methodologies developed and certified by actuary

Methodologies must include

Premium loads

Premium discounts and surcharges for insurable crops

Premium discounts and surcharges for dairy livestock

Publication of base premium rates

Citation

1 These regulations may be cited as the Premium Rates for Insurable Crops and Livestock

Regulations .

Interpretation

2 In these regulations,

(a) “actuary” means a fellow of the Canadian Institute of Actuaries;

(b) “base premium rate” means the rate calculated for an insurable crop and

livestock that is the premium rate that applies before any discount or surcharge

is applied;

(c) “methodology” means a methodology for determining a base premium rate;

(d) “premium load” means an amount factored into the calculation of a base

premium rate for a specific purpose as described in

Section 7;

(e) “self-sustainability” means the ability of the crop and livestock insurance

program to remain financially sustained over the long term.

Base premium rate calculation

3 The Commission must determine base premium rates based on methodologies that have

been certified by an actuary.

Base premium rate review

4 The Commission must review and approve the base premium rate for each insurable crop

and livestock annually.

Methodologies developed and certified by actuary

(1) A methodology must be signed by an actuary to certify that the methodology is

actuarially sound.

(2) A methodology developed and certified under this

Section must be re-certified by an

actuary at least once every 5 years.

Methodologies must include

6 A methodology must include all of the following considerations:

(

a) the previous loss history of an insurance plan;

(

b) adjustments to data used in the methodology based on insurance program

changes over time;

(

c) technological factors that may, in the opinion of an actuary, influence the

expected losses under an insurance plan in the future;

(

d) premium loads in accordance with

Section 7; and

(

e) any other considerations that may, in the opinion of an actuary, influence the

self-sustainability of the crop and livestock insurance program in the Province.

Premium loads

7 Amounts for all the following may be included as premium loads when calculating a base

premium rate:

(

a) amounts to cover the cost of uncertainty or agronomic concerns as determined

using a method developed by an actuary;

(

b) amounts to cover the cost of compensating for an increase or reduction in the

revenue from premiums that is caused by a premium discount and surcharge

system;

(

c) an amount to ensure the self-sustainability of the crop and livestock insurance

program in the Province based on a signed opinion of an actuary;

(

d) any other amounts that, in the opinion of an actuary, are considered necessary

for the calculation of actuarially sound base premium rates.

Premium discounts and surcharges for insurable crops

(1) A base premium rate for insurable crops may be adjusted by giving an insured

person a discount when indemnity is less than total premiums paid under a plan or

adding a surcharge when indemnity exceeds total premiums paid under a plan in

accordance with this Section.

(2) The base premium rate must be adjusted by a factor approved by the Commission in

consultation with an actuary.

(3) The maximum discount is 50% of the base premium rate and the maximum

surcharge is 100% of the base premium rate.

(4) The minimum annual premium payable by an insured person for each insured crop

in a crop year is $50.00, except when a minimum annual premium is set out in a

plan, then the amount prescribed in the plan applies.

Premium discounts and surcharges for dairy livestock

(1) A base premium rate for dairy livestock may be adjusted by giving an insured person

a discount when indemnity is less than total premiums paid under the plan in

accordance with this Section.

(2) Subject to subsections (3) and (4), adjustments for discounts and surcharges must be

calculated using the following formula:

(LR-1) x (n÷(3+n))

in which

“LR” (loss ratio) = total indemnity divided by total premiums, and

“n” = the number of years an insured person is in the plan.

(3) The maximum discount is 70% of the base premium rate.

(4) The minimum annual premium payable by an insured person for dairy livestock in

an insurance year is $25.00, except when a minimum annual premium is set out in

the plan, then the amount prescribed in the plan applies.

Publication of base premium rates

10 The Commission must publish base premium rates annually.

Legislative History

Reference Tables

Premium Rates for Insurable Crops and Livestock

Regulations

N.S. Reg. 26/2005

Crop and Livestock Insurance Act

Note: The

information in these tables does not form part of the regulations and is

compiled by the Office of the Registrar of Regulations for reference only.

Source Law

The current consolidation of the Premium Rates for Insurable Crops and Livestock Regulations made

under the Crop and Livestock Insurance Act includes all of the following regulations:

N.S.

Regulation

In force

date*

How in force

Royal Gazette

Part II Issue

26/2005

Feb 1, 2005

date specified

Mar 18, 2005

13/2021

Jan

26, 2021

date

specified

Feb

12, 2021

The

following regulations are not yet in force and are not included in the current

consolidation:

N.S.

Regulation

In force

date*

How in force

Royal Gazette

Part II Issue

*See subsection 3(6) of the Regulations Act for

rules about in force dates of regulations.

Amendments by Provision

ad. = added

am. = amended

fc. = fee change

ra. = reassigned

rep. = repealed

rs . = repealed and substituted

Provision affected

How affected

8(2) ...................................................

rs . 13/2021

10 ......................................................

rs . 13/2021

Note that changes to headings are not

included in the above table.

Editorial Notes and Corrections:

Note

Effective

date

Repealed and Superseded:

N.S.

Regulation

Title

In force

date

Repealed

date

Note: Only

regulations that are specifically repealed and replaced appear in this

table. It may not reflect the entire

history of regulations on this subject matter.