AI-assisted research summary: These regulations set rules for municipal hail insurance, including reserve-fund limits, indemnity caps, and an annual deadline for the board to calculate amounts.
1 MUNICIPAL HAIL INSURANCE M-29 REG 1 The Municipal Hail Insurance Regulations being Chapter M-29 Reg 1 (effective August 1, 1999) as amended by Saskatchewan Regulations 31/2002, 61/2009, 83/2016 and 126/2023. NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation. 2 M-29 REG 1 MUNICIPAL HAIL INSURANCE Table of Contents 1 Title 2 Interpretation 3 Reserve funds 4 Payment of claims - maximum indemnities 5 Coming into force 3 MUNICIPAL HAIL INSURANCE M-29 REG 1 CHAPTER M-29 REG 1 The Municipal Hail Insurance Act Title 1 These regulations may be cited as The Municipal Hail Insurance Regulations. Interpretation 2 In these regulations, “Act” means The Municipal Hail Insurance Act. 9 Jly 99 cM-29 Reg 1 s2. Reserve funds 3 For the purposes of clause 5(2)(a) of the Act, the maximum amount the association may appropriate from its reserve funds for the purpose of subscribing for capital stock in a limited company is $3,000,000. 9 Jly 99 cM-29 Reg 1 s3. Payment of claims - maximum indemnities 4(1) In this section: (a) “eligible crop” means a crop that: (i) is one of the following crops: (A) winter wheat; (B) spring wheat; (C) durum wheat; (D) barley; (E) rye; (F) oats; (G) flax; (H) canola; (I) yellow mustard; (J) lentils; (K) peas; (L) chickpeas; (M) canary seed; (N) fababean; (O) soybean; (ii) is insured by the association; (iii) that has ten-year acreage and yield data available for it as set out in the most recent report by Statistics Canada; and (iv) has a forecasted base grade price as set out in the most recent report by Agriculture and Agri-Food Canada (AAFC); (b) “ten-year” means the most recent ten years. 4 M-29 REG 1 MUNICIPAL HAIL INSURANCE (2) For the purposes of subsection 35(1) of the Act, the basic indemnity must not exceed the following: (a) for each year during the period 2010 to 2023, $25 per acre; (b) for 2024, $30 per acre; (c) for 2025, $35 per acre; (d) for 2026, $40 per acre; (e) for 2027, $45 per acre; (f) for 2028 and each subsequent year, $50 per acre. (3) For the purposes of subsection 35(2) of the Act, any further amounts of indemnity must not exceed the sum of the weighted yield prices of each eligible crop as calculated in accordance with subsection (4) less the basic amount of indemnity mentioned in subsection (2). (4) The weighted yield price of an eligible crop is the amount WP calculated in accordance with the following formula: WP = A × Y × P × 90% where: A is the ten-year weighted average of acres of the eligible crop that is grown in Saskatchewan, expressed as a percentage of the ten-year weighted average of acres of all eligible crops grown in Saskatchewan, as set out in the most recent report by Statistics Canada; Y is the ten-year average yield in Saskatchewan of the eligible crop calculated based on the ten-year yield data of the eligible crop as set out in the most recent report by Statistics Canada; and P is the forecasted base grade price of the eligible crop as set out in the most recent report by Agriculture and Agri-Food Canada (AAFC). (5) For the purpose of subsection 35(2) of the Act, any increase established by the formula pursuant to subsection (4) must be rounded to the nearest $25. (6) The board shall calculate the amounts for a year pursuant to subsections (3) and (4) on or before January 31 of each year. 4 Nov 2016 SR 83/2016 s2; 22 Dec 2023 SR 126/2023 s2. Coming into force 5(1) Subject to subsection (2), these regulations come into force on the day on which section 1 of The Municipal Hail Insurance Amendment Act, 1999 comes into force. (2) If these regulations are filed with the Registrar of Regulations after the day on which section 1 of The Municipal Hail Insurance Amendment Act, 1999 comes into force, these regulations come into force on the day on which they are filed with the Registrar of Regulations. 9 Jly 99 cM-29 Reg 1 s5. REGINA, SASKATCHEWAN PrINTEd by THE AuTHorITy of THE KING’S PrINTEr Copyright©2023