Contents for new and changed 508(h) submissions, concept proposals, and index-based weather plans of insurance.

CFR · 2024-01-01 · US · Title 7

(a) A complete 508(h) submission must contain the following material, as applicable, submitted in accordance with § 400.703(b). A complete 508(h) submission must be a viable and marketable insurance product that protects the interests of producers, is actuarially appropriate and ensures program integrity. The material must contain adequate information as required in this section, that is presented clearly to ensure the Board and RMA can determine whether RMA and the delivery system have the resources to implement, administer, and deliver the 508(h) submission effectively and efficiently. Calculations, procedures and methodologies must be consistent throughout the submission and appropriate for the commodity and the risks covered. (b) The first section will contain general information numbered as follows (1, 2, 3, etc.), including, as applicable: (1) The applicant's name(s), address or primary business location, phone number, and email address; (2) The type of 508(h) submission (see § 400.704) and a notation of whether or not the 508(h) submission was approved by the Board as a concept proposal; (3) A statement of whether the applicant is requesting: (i) Reinsurance; (ii) Risk subsidy; (iii) A&O subsidy; (iv) Reimbursement for research and development costs, as applicable and, if the 508(h) submission was previously submitted as a concept proposal, the amount of the advance payment for expected research and development costs; or (v) Reimbursement for expected maintenance costs

official document · source cfr-2024 · id 7:§ 400.705