7 U.S.C. § 1506
Section 1506 · General powers
Current version, with additions and removals from the June 20, 2000 version.
The Corporation shall have succession in its corporate name.
The Corporation shall have succession in its corporate name.
The Corporation may adopt, alter, and use a corporate seal, which shall be judicially noticed.
The Corporation may adopt, alter, and use a corporate seal, which shall be judicially noticed.
The Corporation may purchase or lease and hold such real and personal property as it deems necessary or convenient in the transaction of its business, and may dispose of such property held by it upon such terms as it deems appropriate.
The Corporation may purchase or lease and hold such real and personal property as it deems necessary or convenient in the transaction of its business, and may dispose of such property held by it upon such terms as it deems appropriate.
The Corporation may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers granted to it by law may be exercised and enjoyed.
The Corporation may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers granted to it by law may be exercised and enjoyed.
The Corporation shall be entitled to the use of the United States mails in the same manner as the other executive agencies of the Government.
The Corporation shall be entitled to the use of the United States mails in the same manner as the other executive agencies of the Government.
(1) Surveys and investigations
(1) Surveys and investigations
(2) Data collection
(2) Data collection
(A) In general
The Corporation shall assemble data for the purpose of establishing sound actuarial bases for insurance on agricultural commodities.
The Corporation shall assemble data for the purpose of establishing sound actuarial bases for insurance on agricultural commodities.
(B) National Agricultural Statistics Service
Data collected by the National Agricultural Statistics Service, whether published or unpublished, shall be—
(i) provided in an aggregate form to the Corporation for the purpose of providing insurance under this subchapter; and
(ii) kept confidential by the Corporation in the same manner and to the same extent as is required under—
(I) section 2276 of this title; and
(II) the Confidential Information Protection and Statistical Efficiency Act of 2002 (44 U.S.C. 3501 note; Public Law 107–347).
(C) Noninsured crop disaster assistance program
In collecting data under this subsection, the Secretary shall ensure that—
(i) appropriate data are collected through the noninsured crop disaster assistance program established by section 7333 of this title; and
(ii) not less frequently than annually, the Farm Service Agency shares, and the Corporation considers, the data described in clause (i).
(3) Sharing of records
(3) Sharing of records
The Corporation shall have the authority to make final and conclusive settlement and adjustment of any claim by or against the Corporation or a fiscal officer of the Corporation.
The Corporation shall have the authority to make final and conclusive settlement and adjustment of any claim by or against the Corporation or a fiscal officer of the Corporation.
The Corporation shall have such powers as may be necessary or appropriate for the exercise of the powers herein specifically conferred upon the Corporation and all such incidental powers as are customary in corporations generally.
The Corporation shall have such powers as may be necessary or appropriate for the exercise of the powers herein specifically conferred upon the Corporation and all such incidental powers as are customary in corporations generally.
The Corporation may enter into and carry out contracts or agreements, and issue regulations, necessary in the conduct of its business, as determined by the Board. State and local laws or rules shall not apply to contracts, agreements, or regulations of the Corporation or the parties thereto to the extent that such contracts, agreements, or regulations provide that such laws or rules shall not apply, or to the extent that such laws or rules are inconsistent with such contracts, agreements, or regulations.
The Corporation may enter into and carry out contracts or agreements, and issue regulations, necessary in the conduct of its business, as determined by the Board. State and local laws or rules shall not apply to contracts, agreements, or regulations of the Corporation or the parties thereto to the extent that such contracts, agreements, or regulations provide that such laws or rules shall not apply, or to the extent that such laws or rules are inconsistent with such contracts, agreements, or regulations.
(1) Social security account and employer identification numbers
(1) Social security account and employer identification numbers
(2) Notification by policyholders
(2) Notification by policyholders
(3) Identification of holders of substantial interests
(3) Identification of holders of substantial interests
The Manager of the Corporation may require each policyholder to provide to the Manager, at such times and in such manner as prescribed by the Manager, the name of each individual that holds or acquires a substantial beneficial interest in the policyholder.
The Manager of the Corporation may require each policyholder to provide to the Manager, at such times and in such manner as prescribed by the Manager, the name of each individual that holds or acquires a substantial beneficial interest in the policyholder.
(4) “Substantial beneficial interest” defined
(4) "Substantial beneficial interest" defined
For purposes of this subsection, the term “substantial beneficial interest” means not less than 5 percent of all beneficial interests in the policyholder.
For purposes of this subsection, the term "substantial beneficial interest" means not less than 5 percent of all beneficial interests in the policyholder.
(1) False information
If a person willfully and intentionally provides any false or inaccurate information to the Corporation or to any insurer with respect to an insurance plan or policy under this chapter, the Corporation may, after notice and an opportunity for a hearing on the record—
(A) impose a civil fine of not to exceed $10,000 on the person; and
(B) disqualify the person from purchasing catastrophic risk protection or receiving noninsured assistance for a period of not to exceed 2 years, or from receiving any other benefit under this chapter for a period of not to exceed 10 years.
(2) Assessment of penalty
In assessing penalties under this subsection, the Corporation shall consider the gravity of the violation.
(1) Projected loss ratio as of October 1, 1995
(1) Projected loss ratio as of October 1, 1995
(A) instituting appropriate requirements for documentation of the actual production history of insured producers to establish recorded or appraised yields for Federal crop insurance coverage that more accurately reflect the associated actuarial risk, except that the Corporation may not carry out this paragraph in a manner that would prevent beginning farmers (as defined by the Secretary) from obtaining Federal crop insurance;
(A) instituting appropriate requirements for documentation of the actual production history of insured producers to establish recorded or appraised yields for Federal crop insurance coverage that more accurately reflect the associated actuarial risk, except that the Corporation may not carry out this paragraph in a manner that would prevent beginning farmers (as defined by the Secretary) from obtaining Federal crop insurance;
(B) establishing in counties, to the extent practicable, a crop insurance option based on area yields in a manner that allows an insured producer to qualify for an indemnity if a loss has occurred in a specified area in which the farm of the insured producer is located;
(B) establishing in counties, to the extent practicable, a crop insurance option based on area yields in a manner that allows an insured producer to qualify for an indemnity if a loss has occurred in a specified area in which the farm of the insured producer is located;
(C) establishing a database that contains the social security account and employee identification numbers of participating producers, agents, and loss adjusters and using the numbers to identify insured producers, agents, and loss adjusters who are high risk for actuarial purposes and insured producers who have not documented at least 4 years of production history, to assess the performance of insurance providers, and for other purposes permitted by law; and
(C) establishing a database that contains the social security account and employee identification numbers of participating producers, agents, and loss adjusters and using the numbers to identify insured producers, agents, and loss adjusters who are high risk for actuarial purposes and insured producers who have not documented at least 4 years of production history, to assess the performance of insurance providers, and for other purposes permitted by law; and
(D) taking any other measures authorized by law to improve the actuarial soundness of the Federal crop insurance program while maintaining fairness and effective coverage for agricultural producers.
(D) taking any other measures authorized by law to improve the actuarial soundness of the Federal crop insurance program while maintaining fairness and effective coverage for agricultural producers.
(3) Nonstandard classification system
(3) Nonstandard classification system
To the extent that the Corporation uses the nonstandard classification system, the Corporation shall apply the system to all insured producers in a fair and consistent manner.
To the extent that the Corporation uses the nonstandard classification system, the Corporation shall apply the system to all insured producers in a fair and consistent manner.
(1) Sense of Congress
(1) Sense of Congress
It is the sense of Congress that, to the greatest extent practicable, all equipment and products purchased by the Corporation using funds made available to the Corporation should be American-made.
It is the sense of Congress that, to the greatest extent practicable, all equipment and products purchased by the Corporation using funds made available to the Corporation should be American-made.
(2) Notice requirement
(2) Notice requirement
(1) Procedures required
(1) Procedures required
(2) Implementation
(2) Implementation
Not later than 180 days after June 23, 1998, the Corporation shall issue regulations to implement this subsection. At a minimum, the regulations shall establish—
Not later than 180 days after June 23, 1998, the Corporation shall issue regulations to implement this subsection. At a minimum, the regulations shall establish—
(A) the manner in which inquiries described in paragraph (1) are required to be submitted to the Corporation; and
(A) the manner in which inquiries described in paragraph (1) are required to be submitted to the Corporation; and
(B) a reasonable maximum number of days within which the Corporation will respond to all inquiries.
(B) a reasonable maximum number of days within which the Corporation will respond to all inquiries.
(3) Effect of failure to timely respond
(3) Effect of failure to timely respond