CONTROLLED BUSINESS. (a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if: (1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; and (2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year. (b) Not later than 90 days after the first annual settlement for the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph. (c) Not later than 120 days after the first annual settlement for the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE. (d) Non-compliance (1) The following individuals are subject to disqualification and civil fines under FCIC procedures implementing section 515(h) of the Act (7 U.S.C. § 1515(h)) and any other FCIC procedures implementing section 515(h): (A) Individuals who failed to timely provide the required certification; (B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; or (C) Individuals who certified compliance but who have been determined to not be in compliance. (2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1). (e) If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosed. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual will violate the provision; or (3) take any other action to adjust the individual’s compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.
Appears in 10 contracts
Samples: Regulatory Duties and Responsibilities Agreement, Regulatory Duties and Responsibilities Agreement, Regulatory Compliance Agreement
CONTROLLED BUSINESS.
(a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if:if:
(1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; andand
(2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year.year.
(b) Not later than 90 days after the first annual settlement for the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph.paragraph.
(c) Not later than 120 days after the first annual settlement for the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE.LAE.
(d) Non-compliancecompliance
(1) The following individuals are subject to disqualification and civil fines under FCIC procedures implementing section 515(h) of the Act (7 U.S.C. § 1515(h)) and any other FCIC procedures implementing section 515(h):
(A) Individuals who failed to timely provide the required certification;certification;
(B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; oror
(C) Individuals who certified compliance but who have been determined to not be in compliance.compliance.
(2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1).1).
(e) If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosed. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual will violate the provision; or (3) take any other action to adjust the individual’s compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.sanctions.
Appears in 6 contracts
Samples: Regulatory Compliance Agreement, Regulatory Compliance Agreement, Regulatory Compliance Agreement
CONTROLLED BUSINESS.
(a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if:if:
(1) The individual has a substantial beneficial interest, or a member of the the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; and
(2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year.year.
(b) Not later than 90 days after the first annual settlement for the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph.paragraph.
(c) Not later than 120 days after the first annual settlement for the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE.LAE.
(d) Non-compliancecompliance
(1) The following individuals are subject to disqualification and civil fines under FCIC procedures implementing section 515(h) of the Act (7 U.S.C. U.S.C. § 1515(h)) and any other FCIC procedures implementing section 515(h):
(A) Individuals who failed to timely provide the required certification;certification;
(B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; oror
(C) Individuals who certified compliance but who have been determined to not be in compliance.compliance.
(2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1).1).
(e) If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosed. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual will violate the provision; or (3) take any other action to adjust the individual’s compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.sanctions.
Appears in 4 contracts
Samples: Regulatory Duties and Responsibilities Agreement, Regulatory Duties and Responsibilities Agreement, Regulatory Duties and Responsibilities Agreement
CONTROLLED BUSINESS. (a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if:
(1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; andand
(2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year.
(b) Not later than 90 days after the first annual settlement for the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph.paragraph.
(c) Not later than 120 days after the first annual settlement for the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE.LAE.
(d) Non-compliancecompliance
(1) The following individuals are subject to disqualification and civil fines under FCIC procedures implementing section 515(h) of the Act (7 U.S.C. U.S.C. § 1515(h)) and any other FCIC procedures implementing section 515(h):
(A) Individuals who failed to timely provide the required certification;certification;
(B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; oror
(C) Individuals who certified compliance but who have been determined to not be in compliance.compliance.
(2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1).1).
(e) If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosed. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual will violate the provision; or (3) take any other action to adjust the individual’s compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.sanctions.
Appears in 3 contracts
Samples: Regulatory Compliance Agreement, Regulatory Compliance Agreement, Regulatory Compliance Agreement
CONTROLLED BUSINESS.
(a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if:if:
(1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; andand
(2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year.year.
(b) Not later than 90 days after the first annual settlement for the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph.paragraph.
(c) Not later than 120 days after the first annual settlement for the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE.LAE.
(d) Non-compliancecompliance
(1) The following individuals are subject to disqualification and civil fines under FCIC procedures implementing section 515(h) of the Act (7 U.S.C. U.S.C. § 1515(h)) and any other FCIC procedures implementing section 515(h):
(A) Individuals who failed to timely provide the required certification;certification;
(B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; oror
(C) Individuals who certified compliance but who have been determined to not be in compliance.compliance.
(2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1).1).
(e) If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosed. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual will violate the provision; or (3) take any other action to adjust the individual’s compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.
Appears in 2 contracts
Samples: Regulatory Compliance Agreement, Regulatory Duties and Responsibilities Agreement
CONTROLLED BUSINESS. (a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, including any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if:
(1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; and
(2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year.
(b) Not later than 90 days after the first annual settlement for date following the end of the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph.
(c) Not later than 120 days after the first annual settlement for date following the end of the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- non-compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE.
(d) Non-compliance
(1) The following individuals are subject to disqualification and civil fines under FCIC the procedures implementing section 515(h) of the Act (7 U.S.C. § 1515(h1508(h)) and any other procedures approved by FCIC procedures implementing section 515(h):
(A) Individuals who failed to timely provide the required certification;
(B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; or
(C) Individuals who certified compliance but who have been determined to not be in compliance.
(2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1).
(e) The only way to avoid violation of this provision is to not write immediate family policies if writing such policies would cause the individual to exceed the 30 percent threshold. If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosedviolation. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual they will violate the provision; or (3) take any other action to adjust the individual’s individuals compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.
Appears in 2 contracts
Samples: Regulatory Duties and Responsibilities Provisions, Regulatory Compliance Agreement
CONTROLLED BUSINESS. (a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if:
(1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; and
(2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year.
(b) Not later than 90 days after the first annual settlement date following the end of for the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph.
(c) Not later than 120 days after the first annual settlement date following the end of for the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- non-compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE.
(d) Non-compliance
(1) The following individuals are subject to disqualification and civil fines under FCIC procedures implementing section 515(h) of the Act (7 U.S.C. § 1515(h)) and any other FCIC procedures implementing section 515(h):
(A) Individuals who failed to timely provide the required certification;
(B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; or
(C) Individuals who certified compliance but who have been determined to not be in compliance.
(2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1).
(e) If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosed. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual will violate the provision; or (3) take any other action to adjust the individual’s compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.
Appears in 1 contract
Samples: Regulatory Compliance Agreement
CONTROLLED BUSINESS.
(a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop livestock price insurance contract if:if:
(1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop livestock price insurance contract; andand
(2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop livestock price insurance contract that meets the condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year.year.
(b) Not later than 90 days after the first annual settlement for the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop livestock price insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph.paragraph.
(c) Not later than 120 days after the first annual settlement for the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE.LAE.
(d) Non-compliancecompliance
(1) The following individuals are subject to disqualification and civil fines under FCIC procedures implementing section 515(h) of the Act (7 U.S.C. U.S.C. § 1515(h)) and any other FCIC procedures implementing section 515(h):
(A) Individuals who failed to timely provide the required certification;certification;
(B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; oror
(C) Individuals who certified compliance but who have been determined to not be in compliance.compliance.
(2) Reinsurance will not be denied for the eligible crop livestock price insurance contracts associated with any violation with respect to paragraph (1).1).
(e) If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosed. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual will violate the provision; or (3) take any other action to adjust the individual’s compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.
Appears in 1 contract
CONTROLLED BUSINESS. (a) No individual (including a subagent) may receive directly, or indirectly through a Company or its affiliates, any compensation (including, but not limited to, any commission, profit sharing, bonus, or any other direct or indirect benefit) for the sale and service of an eligible crop insurance contract if:
(1) The individual has a substantial beneficial interest, or a member of the individual’s immediate family has a substantial beneficial interest, in the eligible crop insurance contract; and
(2) The total compensation to be paid to the individual with respect to the sale or service of the eligible crop insurance contract that meets the condition described in paragraph 1 exceeds 30 percent, or the percentage specified in State law, whichever is less, of the total of all compensation received directly or indirectly by the individual for the reinsurance year.
(b) Not later than 90 days after the first annual settlement for date following the end of the reinsurance year, any individual that received directly or indirectly any compensation through a Company or its affiliates for the service or sale of any eligible crop insurance contract in the prior reinsurance year shall certify to the applicable Company, in format approved by FCIC, that the compensation that the individual received was in compliance with this paragraph.
(c) Not later than 120 days after the first annual settlement for date following the end of the reinsurance year, the Company shall provide FCIC a list of individuals who either failed to timely provide the required certification or whose certification demonstrated non- non-compliance with the requirements of this paragraph. If the Company fails to comply with this provision, FCIC may deny all or a portion of A&O subsidy or CAT LAE.
(d) Non-compliance
(1) The following individuals are subject to disqualification and civil fines under the FCIC procedures implementing section 515(h) of the Act (7 U.S.C. § 1515(h151508(h)) and any other FCIC procedures approved by FCIC implementing section 515(h):
(A) Individuals who failed to timely provide the required certification;
(B) Individuals who certified non-compliance with the requirements of this paragraph, except where non-compliance results from circumstances beyond the control of the individual; or
(C) Individuals who certified compliance but who have been determined to not be in compliance.
(2) Reinsurance will not be denied for the eligible crop insurance contracts associated with any violation with respect to paragraph (1).
(e) The only way to avoid violation of this provision is to not write immediate family policies if writing such policies would cause the individual to exceed the 30 percent threshold. If the amount of compensation to which the individual is entitled under its contract with the Company or affiliate would result in the agent receiving more than 30 percent from immediate family policies, the individual is in violation and the violation must be disclosed. An individual cannot (1) pay back an amount necessary to be compliant; (2) defer payments to determine whether the individual they will violate the provision; or (3) take any other action to adjust the individual’s compensation owed under the contract with the Company or affiliate. The gravity of the violation will be taken into consideration before imposing any sanctions.
Appears in 1 contract
Samples: Regulatory Compliance Agreement
