Common Crop Insurance Regulations; Nursery Crop Insurance Provisions, 12657 [2018-06000]

Download as PDF 12657 Rules and Regulations Federal Register Vol. 83, No. 57 Friday, March 23, 2018 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. DEPARTMENT OF AGRICULTURE Federal Crop Insurance Corporation 7 CFR Part 457 [Docket No. FCIC–17–0006] RIN 0563–AC60 Common Crop Insurance Regulations; Nursery Crop Insurance Provisions Federal Crop Insurance Corporation, USDA. ACTION: Correcting amendment. AGENCY: This document contains necessary amendments to apply a technical correction to the final rule with request for comments for the Nursery Crop Insurance Provisions which published in the Federal Register on January 31, 2018. DATES: Effective Date: March 23, 2018. FOR FURTHER INFORMATION CONTACT: Francie Tolle, Director, Product Management, Product Administration and Standards Division, Risk Management Agency, United States Department of Agriculture, Beacon Facility, Stop 0812, Room 421, P.O. Box 419205, Kansas City, MO 64141–6205, telephone (816) 926–7730. SUPPLEMENTARY INFORMATION: SUMMARY: amozie on DSK30RV082PROD with RULES Background This technical correction is being published to correct the definitions of ‘‘over-report factor’’ and ‘‘under-report factor,’’ published January 31, 2018 (83 FR 4564–4574). In the definition of ‘‘over-report factor,’’ the subparagraphs are intended to reflect step-by-step instructions for calculating the overreport factor, as explained in the leadin paragraph; however, the lead-in paragraph of the definition and the subparagraphs are in conflict. As published, the phrase ‘‘minus 1.100’’ was misplaced in paragraph (2) of the definition and would result in an incorrect result. Proper placement of this phrase is in the paragraph VerDate Sep<11>2014 16:24 Mar 22, 2018 Jkt 244001 succeeding paragraph (3). FCIC is redesignating paragraph (4) as paragraph (5) and adding a new paragraph (4) to incorporate this phrase. Additionally, in the definition of ‘‘over-report factor,’’ the phrase ‘‘reported on the PIVR, including any Peak Inventory Value Report during the coverage term of a Peak Inventory Endorsement, if applicable,’’ which follows the term ‘‘basic unit value’’ is removed. The definition of ‘‘basic unit value,’’ as published in the Final Rule, on January 31, 2018, states ‘‘the full inventory value of all insurable plants in a basic unit declared on your original or revised PIVR and a Peak Inventory Value Report, if applicable.’’ The aforementioned phrase in the definition of ‘‘over-report factor’’ repeats the same information that is contained in the definition of ‘‘basic unit value,’’ and is not needed in the definition of ‘‘overreport factor.’’ Similarly, in the definition of ‘‘underreport factor,’’ the phrase ‘‘including a Peak Inventory Value Report during the coverage term of a Peak Inventory Endorsement, if applicable,’’ which follows the term ‘‘basic unit value’’ is removed. The phrase repeats the same information that is contained in the definition of ‘‘basic unit value,’’ and is not needed. reporting of inventory values. This factor is used to determine indemnities when the basic unit value minus the total of all previous losses is more than 110 percent of FMVA for the same basic unit plus the insured value of plants listed on the verifiable sales records. The over-report factor is calculated by: (1) The basic unit value minus the total of all previous losses; (2) FMVA plus the insured value of plants listed on the verifiable sales records; (3) Dividing the result of paragraph (1) of this definition by the result of paragraph (2) of this definition; and (4) Subtracting 1.100 from the result of paragraph (3) of this definition. (5) If the result of paragraph (4) of this definition is greater than 0.000, then the result of paragraph (4) is the over-report factor that is applied. * * * * * Under-report factor. The factor that adjusts your indemnity for underreporting of inventory values. The factor is always used in determining indemnities. For each basic unit, the under-report factor is the lesser of: (1) 1.000; or (2) The basic unit value minus the total of all previous losses; and dividing that result by FMVA. * * * * * List of Subjects in 7 CFR Part 457 Signed in Washington, DC, on March 20, 2018. Heather Manzano, Acting Manager, Federal Crop Insurance Corporation. Administrative practice and procedure, Crop insurance, Reporting and recordkeeping requirements. Accordingly, part 457 is corrected by making the following amendments: [FR Doc. 2018–06000 Filed 3–22–18; 8:45 am] BILLING CODE 3410–08–P PART 457—COMMON CROP INSURANCE REGULATIONS DEPARTMENT OF AGRICULTURE 1. The authority citation for part 457 continues to read as follows: ■ Authority: 7 U.S.C. 1506(l) and 1506(o). 2. Amend § 457.162, in the Nursery crop insurance provisions, in section 1, by revising the definitions of ‘‘Overreport factor’’ and ‘‘Under-report factor’’ to read as follows: Rural Housing Service Rural Business-Cooperative Service ■ § 457.162 Nursery crop insurance provisions. * * * * * Rural Utilities Service Farm Service Agency 7 CFR Part 1940 RIN 0575–AD11 1. Definitions Truth in Lending—Real Estate Settlement Procedures * AGENCY: * * * * Over-report factor. The factor that adjusts your indemnity for over- PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 ACTION: E:\FR\FM\23MRR1.SGM Rural Housing Service, USDA. Direct final rule. 23MRR1

Agencies

[Federal Register Volume 83, Number 57 (Friday, March 23, 2018)]
[Rules and Regulations]
[Page 12657]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06000]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

========================================================================


Federal Register / Vol. 83, No. 57 / Friday, March 23, 2018 / Rules 
and Regulations

[[Page 12657]]


-----------------------------------------------------------------------

DEPARTMENT OF AGRICULTURE

Federal Crop Insurance Corporation

7 CFR Part 457

[Docket No. FCIC-17-0006]
RIN 0563-AC60


Common Crop Insurance Regulations; Nursery Crop Insurance 
Provisions

AGENCY: Federal Crop Insurance Corporation, USDA.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: This document contains necessary amendments to apply a 
technical correction to the final rule with request for comments for 
the Nursery Crop Insurance Provisions which published in the Federal 
Register on January 31, 2018.

DATES: Effective Date: March 23, 2018.

FOR FURTHER INFORMATION CONTACT: Francie Tolle, Director, Product 
Management, Product Administration and Standards Division, Risk 
Management Agency, United States Department of Agriculture, Beacon 
Facility, Stop 0812, Room 421, P.O. Box 419205, Kansas City, MO 64141-
6205, telephone (816) 926-7730.

SUPPLEMENTARY INFORMATION:

Background

    This technical correction is being published to correct the 
definitions of ``over-report factor'' and ``under-report factor,'' 
published January 31, 2018 (83 FR 4564-4574). In the definition of 
``over-report factor,'' the subparagraphs are intended to reflect step-
by-step instructions for calculating the over-report factor, as 
explained in the lead-in paragraph; however, the lead-in paragraph of 
the definition and the subparagraphs are in conflict. As published, the 
phrase ``minus 1.100'' was misplaced in paragraph (2) of the definition 
and would result in an incorrect result. Proper placement of this 
phrase is in the paragraph succeeding paragraph (3). FCIC is 
redesignating paragraph (4) as paragraph (5) and adding a new paragraph 
(4) to incorporate this phrase.
    Additionally, in the definition of ``over-report factor,'' the 
phrase ``reported on the PIVR, including any Peak Inventory Value 
Report during the coverage term of a Peak Inventory Endorsement, if 
applicable,'' which follows the term ``basic unit value'' is removed. 
The definition of ``basic unit value,'' as published in the Final Rule, 
on January 31, 2018, states ``the full inventory value of all insurable 
plants in a basic unit declared on your original or revised PIVR and a 
Peak Inventory Value Report, if applicable.'' The aforementioned phrase 
in the definition of ``over-report factor'' repeats the same 
information that is contained in the definition of ``basic unit 
value,'' and is not needed in the definition of ``over-report factor.''
    Similarly, in the definition of ``under-report factor,'' the phrase 
``including a Peak Inventory Value Report during the coverage term of a 
Peak Inventory Endorsement, if applicable,'' which follows the term 
``basic unit value'' is removed. The phrase repeats the same 
information that is contained in the definition of ``basic unit 
value,'' and is not needed.

List of Subjects in 7 CFR Part 457

    Administrative practice and procedure, Crop insurance, Reporting 
and recordkeeping requirements.

    Accordingly, part 457 is corrected by making the following 
amendments:

PART 457--COMMON CROP INSURANCE REGULATIONS

0
1. The authority citation for part 457 continues to read as follows:

    Authority: 7 U.S.C. 1506(l) and 1506(o).


0
2. Amend Sec.  457.162, in the Nursery crop insurance provisions, in 
section 1, by revising the definitions of ``Over-report factor'' and 
``Under-report factor'' to read as follows:


Sec.  457.162  Nursery crop insurance provisions.

* * * * *

1. Definitions

* * * * *
    Over-report factor. The factor that adjusts your indemnity for 
over-reporting of inventory values. This factor is used to determine 
indemnities when the basic unit value minus the total of all previous 
losses is more than 110 percent of FMVA for the same basic unit plus 
the insured value of plants listed on the verifiable sales records. The 
over-report factor is calculated by:
    (1) The basic unit value minus the total of all previous losses;
    (2) FMVA plus the insured value of plants listed on the verifiable 
sales records;
    (3) Dividing the result of paragraph (1) of this definition by the 
result of paragraph (2) of this definition; and
    (4) Subtracting 1.100 from the result of paragraph (3) of this 
definition.
    (5) If the result of paragraph (4) of this definition is greater 
than 0.000, then the result of paragraph (4) is the over-report factor 
that is applied.
* * * * *
    Under-report factor. The factor that adjusts your indemnity for 
under-reporting of inventory values. The factor is always used in 
determining indemnities. For each basic unit, the under-report factor 
is the lesser of:
    (1) 1.000; or
    (2) The basic unit value minus the total of all previous losses; 
and dividing that result by FMVA.
* * * * *

    Signed in Washington, DC, on March 20, 2018.
Heather Manzano,
Acting Manager, Federal Crop Insurance Corporation.
[FR Doc. 2018-06000 Filed 3-22-18; 8:45 am]
BILLING CODE 3410-08-P