CFR > Title 7 - Agriculture > SUBTITLE B—Regulations of the Department of Agriculture > CHAPTER IV—FEDERAL CROP INSURANCE CORPORATION, DEPARTMENT OF AGRICULTURE (parts 400 to 458) > PART 400—GENERAL ADMINISTRATIVE REGULATIONS > SUBPART L—Reinsurance Agreement—Standards for Approval; Regulations for the 1997 and Subsequent Reinsurance Years (§400.161 to §400.177) > 400.161—Definitions.

400.161—Definitions.

In addition to the terms defined in the Standard Reinsurance Agreement, the following terms as used in this rule are defined to mean:
(a) Annual Statutory Financial Statement means the annual financial statement of an insurer prepared in accordance with Statutory Accounting Principles and submitted to the state insurance department if required by any state in which the insurer is licensed.
(b) Company means the company reinsured by FCIC or apply to FCIC for a Standard Reinsurance Agreement.
(c) Corporation means the Federal Crop Insurance Corporation.
(d) FCIC means the Federal crop Insurance Corporation.
(e) Financial statement means any documentation submitted by a company as required by this subpart.
(f) Guaranty fund assessments means the state administered program utilized by some state insurance regulatory agencies to obtain funds with which to discharge unfunded obligations of insurance companies licensed to do business in that state.
(g) Insurer means an insurance company that is licensed or admitted as such in any State, Territory, or Possession of the United States.
(h) MPUL means the maximum possible underwriting loss that an insurer can sustain on policies it intends to reinsure with FCIC, after adjusting for the effect of any reinsurance agreement with FCIC, and any outside reinsurance agreements, as evaluated by FCIC.
(i) Obligations mean crop or indemnity for crop loss on policies reinsured under the Standard Reinsurance Agreement.
(j) Plan of operation means a statment submitted to FCIC each year in which a reinsured or a prospective reinsured specifies the reinsurance options it wishes to use, its marketing plan, and similar information as required by the Corporation.
(k) Quarterly Statutory Financial Statement means the quarterly financial statement of an insurer prepared in accordance with Statutory Accounting Principles and submitted to the state insurance department if required by any state in which the insurer is licensed.
(l) Reinsurance agreement means an agreement between two parties by which an insurer cedes to a reinsurer certain liabilities arising from the insurer's sale of insurance policies.
(m) Reinsured means the insurer which is a party to the Standard Reinsurance Agreement with FCIC.
(n) Standard Reinsurance Agreement (Agreement) means the reinsurance agreement between the reinsured and FCIC.

Code of Federal Regulations

[52 FR 17543, May 11, 1987. Redesignated at 53 FR 3, Jan. 4, 1988, as amended at 57 FR 34666, Aug. 6, 1992; 60 FR 57903, Nov. 24, 1995]