Crop/Hail Insurance Guidelines for 1985 Growing Season

[LOGO] # EARL POMEROY ## COMMISSIONER OF INSURANCE STATE OF NORTH DAKOTA STATE CAPITOL BISMARCK, NORTH DAKOTA 58505 701-224-2440 BULLETIN 85-1 TO: All Companies who are in Crop/Hail Insurance in North Dakota RE: Crop/Hail Insurance Guidelines for 1985 Growing Season The North Dakota Insurance Department will adhere to the following tenets in reviewing and approving rate filings for Crop/Hail Insurance for the 1985 Crop/Hail Insurance season 1. Unless as specified below, all rates and crop crop classifications will be in accordance with the Crop/Hail Insurance Actuarial Association (CHIAA) manual. Presently there is no substantiation for rates and crop classifications other than those set forth in the CHIAA manual. Any deviations from the CHIAA manual are hereby rescinded. 2. Cash discounts payable to the insured shall not exceed 10%. 3. Premium modification plans shall not discount rates more than 5%. This may be used in addition to a cash discount, as provided above. It is the position of the North Dakota Insurance Department that Crop/Hail Insurance should be marketed at a fair actuarially justified price. The above criteria for policy approval is substantially the same as it was under the administration of the prior Insurance Commissioner. The pricing and marketing strategies used by companies offering Crop/Hail products in North Dakota will be extensively reviewed by the Insurance Department in order to ascertain an appropriate regulatory stance for the 1986 Crop/Hail season. DATED this 11 day of February, 1985. Earl R. Pomeroy Commissioner of Insurance N.D. Insurance Department [LOGO] EARL R. POMEROY COMMISSIONER OF INSURANCE STATE OF NORTH DAKOTA STATE CAPITOL BISMARCK, NORTH DAKOTA 58505 701-224-2440 BULLETIN 85-1 AMENDMENT TO: All Companies who are in Crop/Hail Insurance in North Dakota FROM: Earl R. Pomeroy, Commissioner of Insurance DATE: March 28, 1985 SUBJECT: Crop/Hail Insurance Guidelines for 1985 Growing Season Earl Romeroy This Bulletin amends Bulletin 85-1 by adding an additional guideline for the 1985 Crop/Hail season. 4. An early note payment discount may be provided an insured in 1985 as follows: If total payment of the note is received on or before May 31, a 10.0% discount may be provided. If total payment of the note is received on or after June 1 and on or prior to June 30, an 8.5% discount may be provided. If total payment of the note is received on or after July 1 and on or prior to July 31, a 6.0% discount may be provided. If total payment of the note is received on or after August 1 and on or prior to August 31, a 5.5% discount may be provided. If total payment of the note is received on or after September 1 and on or prior to September 30, a 4.0% discount may be provided. If total payment of the note is received on or after October 1 and on or prior to October 30, a 2.5% discount may be provided. Bulletin 85-1 Amendment Page Two If total payment of the note is received on or after November 1 or on or prior to November 30, a 1.0% discount may be provided. This program may not be used with a 10% cash discount program.