This consolidation is unofficial and is for reference only.  For the official version of the regulations, consult the original documents on file with the Office of the Registrar of Regulations, or refer to the Royal Gazette Part II.
Regulations are amended frequently.  Please check the list of Regulations by Act to see if there are any recent amendments to these regulations filed with our office that are not yet included in this consolidation.
Although every effort has been made to ensure the accuracy of this electronic version, the Office of the Registrar of Regulations assumes no responsibility for any discrepancies that may have resulted from reformatting.
This electronic version is copyright © , Province of Nova Scotia, all rights reserved.  It is for your personal use and may not be copied for the purposes of resale in this or any other form.


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

5     (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

8     (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

9     (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.