[Federal Register Volume 67, Number 35 (Thursday, February 21, 2002)]
[Notices]
[Page 8002]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-4101]


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 Notices
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  Federal Register / Vol. 67, No. 35 / Thursday, February 21, 2002 / 
Notices  

[[Page 8002]]



DEPARTMENT OF AGRICULTURE

Federal Crop Insurance Corporation


Notice of Request for Approval of Information Collection

AGENCY: Risk Management Agency, USDA.

ACTION: New information collection; comment request.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this 
notice announces a public comment period on the information collection 
requests (ICRs) associated with the Standard Reinsurance Agreement Plan 
of Operations administered by Federal Crop Insurance Corporation.

DATES: Written comments on this notice will be accepted until close of 
business April 22, 2002.

ADDRESSES: Interested persons are invited to submit written comments to 
the Director, Reinsurance Services Division, Federal Crop Insurance 
Corporation, United States Department of Agriculture (USDA), 1400 
Independence Avenue SW., Stop 0804, Washington, DC 20250, or 
electronically to [email protected].

FOR FURTHER INFORMATION CONTACT: John H. Brown, Risk Management 
Specialist, Federal Crop Insurance Corporation, at the address listed 
above, telephone (202) 720-2099.

SUPPLEMENTARY INFORMATION:
    Title: Standard Reinsurance Agreement Plan of Operations.
    OMB Number: 0563-NEW.
    Type of Request: New information collection.
    Abstract: The Federal Crop Insurance Act (Act), Title 7 U.S.C. 
Chapter 36 Section 1508(k) authorizes the Federal Crop Insurance 
Corporation (FCIC) to provide reinsurance to insurers approved by FCIC 
that insure producers of any agricultural commodity under one or more 
plans acceptable to FCIC. The Act also states that the reinsurance 
shall be provided on such terms and conditions as the Board may 
determine to be consistent with subsections (b) and (c) of this section 
and sound reinsurance principles.
    FCIC executes the same form of reinsurance agreement, called the 
Standard Reinsurance Agreement (SRA), with eighteen participating 
insures approved for the 2002 program. In Appendix 2 of the SRA, the 
Plan of Operations (Plan) sets forth the information the insurer is 
required to file with RMA for the initial and each subsequent 
reinsurance year. The Plan's information enables RMA to evaluate the 
insurer's financial and operational capability to deliver the crop 
insurance program in accordance with the Act. Estimated premiums by 
fund by state, and retained percentages along with current 
policyholders surplus are used in calculations to approve the insurer's 
requested maximum reinsurable premium writings for the reinsurance year 
per 7 CFR 400 Subpart L. This information has a direct effect upon the 
insurer's amount of retained premium and associated liability and is 
required to calculate the insurer's underwriting gain or loss.
    Manual 14, Guidelines and Expectations for Delivery of the Federal 
Crop Insurance Program, is incorporated into the SRA by reference. 
Manual 14 establishes the minimum Training and quality control review 
procedures and performance standards required of all insurers who 
deliver any policy reinsured under the Act. In order to evaluate their 
compliance with the terms of the SRA, FCIC requires each insurer to 
submit, for each reinsurance year, an Annual Summary Report to 
Compliance containing details of the results of their completed reviews 
classified into four categories: Proficiency Evaluations, Compliance 
Crop Insurance Contract Reviews, Underwriting Reviews, and Claims 
Reviews.
    We are asking the Office of Management and Budget (OMB) to approve 
this information collection activity for 3 years.
    The purpose of this notice is to solicit comments from the public 
concerning this information collection activity. These comments will 
help us:
    (1) Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information has practical utility;
    (2) Evaluate the accuracy of the agency's estimate of the burden of 
the proposed collection of information;
    (3) Enhance the quality, utility, and clarity of the information to 
be collected; and
    (4) Minimize the burden of the collection of information on those 
who are to respond, through use, as appropriate, of automated, 
electronic, mechanical, and other collection technologies, e.g., 
permitting electronic submission of responses.
    Estimate of burden: The public reporting burden for this collection 
of information is estimated to average 465 hours per response.
    Respondents/Affected Entities: Insurance companies reinsured by 
FCIC.
    Estimated annual number of respondents: 18.
    Estimated annual number of responses per respondent: 1.
    Estimated annual number of responses: 18.
    Estimated total annual burden on respondents(hours): 8,370.
    All responses to this notice will be summarized and included in the 
request for OMB approval. All comments will also become a matter of 
public record.

    Signed in Washington, D.C., on February 7, 2002.
Phyllis W. Honor,
Acting Manager, Federal Crop Insurance Corporation.
[FR Doc. 02-4101 Filed 2-20-02; 8:45 am]
BILLING CODE 3410-FA-P