Canada Production Insurance Regulations

Marginal note:Actuary’s opinion

• 9 (1) A production insurance agreement shall

  • (a) require the submission of an opinion, signed by an actuary, certifying that the probable yield methodologies result in probable yields that accurately reflect the producers’ production capability for the agricultural product;

  • (b) if that opinion is qualified, require the disclosure by the actuary of the extent and sources of any bias in the methodology; and

  • (c) provide for the date for meeting the requirements of paragraph (a).

• Marginal note:Failure to submit opinion

  (2) Until the opinion required by paragraph (1)(a) is submitted, Canada shall limit its payments toward premium and reinsurance payments under the agreement in respect of the relevant fiscal year and subsequent fiscal years to 75% of the amount otherwise payable under the agreement.

• Marginal note:Qualified opinion

  (3) If the opinion of the actuary indicates that there is a bias in the probable yield methodology, payments by Canada shall be limited to the amount that would otherwise be provided for under the agreement.