Research and development reimbursement, maintenance reimbursement, advance payments for concept proposals, and user fees.

CFR · 2024-01-01 · US · Title 7

(a) For 508(h) submissions approved by the Board for reinsurance under section 508(h) of the Act: (1) The 508(h) submission may be eligible for a one-time payment of research and development costs and reimbursement of maintenance costs for up to four reinsurance years, as determined by the Board; (2) Reimbursement of research and development costs or maintenance costs will be considered as payment in full by FCIC for the 508(h) submission, and no additional amounts will be owed to the applicant if the 508(h) submission is transferred to FCIC in accordance with paragraph (l) of this section; and (3) If the applicant elects at any time not to continue to maintain the 508(h) submission, it will automatically become the property of FCIC and the applicant will no longer have any property rights to the 508(h) submission and will not receive any user fees for the plan of insurance; (b) The Board approved procedures and time-frames must be followed, or research and development costs and maintenance costs may not be reimbursed. (1) After a 508(h) submission has been approved by the Board for reinsurance, to be considered for reimbursement of: (i) Research and development costs, the applicant must submit the total amount requested and all supporting documentation to FCIC by electronic method or by hard copy and such information must be received by FCIC on or before August 1 immediately following the date the 508(h) submission was released to approved insurance providers through FCIC's

official document · source cfr-2024 · id 7:§ 400.712