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REGISTER

EDERAL
934

VOLUME 5

OaiitBO

NUMBER 38

Washington, Saturday, February 24, 1940
Rules, Regulations, Orders TITLE 7AGRICULTURE
CHAPTER IV FEDERAL CROP IN
SURANCE CORPORATION
FCI-Reg. 1, Wheat, P art
402 1940 W

1940, Amendment
heat
1

C rop I nsur ance
R e g u l a t io n s AMENDMENTS

By virtue of the authority vested in the Federal Crop Insurance Corporation by the Federal Crop Insurance Act, ap proved February 16, 1938, as amended by Public Law No, 691, 75th Congress, approved June 22, 1938, the 1940 Wheat Crop Insurance Regulations1are amend ed as follows:
1 Section 402,71 of said regulations is amended to read as follows:
402.71 Manner of payment of in demnity. The indemnity under any in surance contract for which the Corpora tion may be liable shall be paid in wheat or the cash equivalent thereof. The in sured may indicate in his statement in proof of loss whether he wishes the in demnity to be paid in wheat, in cash equivalent by immediate settlement, or in cash equivalent by deferred settle ment, but the Corporation reserves the right to make payment in a form other than that indicated by the insured.
2 Section 402.72 of said regulations is amended to read as follows:
402.72 Payment of indemnity in cash, a Where an indemnity is paid in cash equivalent by immediate settle ment, tibe amount thereof shall be com puted by multiplying the amount of loss, in terms of bushels of wheat, of the class and grade specified for the payment of the premium fo r the insur ance contract, by the price of such wheat at the current basic market, as determined by theCorporation, less the amount per bushel fixed by the Cor poration representing price differen tials. The current basic market price 14 F.R. 2750.

for any class or grade of Wheat at such basic market shall be the basic market price, determined by the Corporation, for the day when the claim for indem nity is approved for payment by the Corporation.
b Where an indemnity is paid in cash equivalent by deferred settlement, a notice of the approval of the state ment in proof of loss will be sent to the insured indicating the number of bushels of indemnity due and giving no tice of the date of approval. The in sured, on a form prescribed by the Corporation, at any time within 90 days of this date, may give notice to the Corporation that he desires his cash equivalent to be established. The cash equivalent shall be determined in the manner provided in subsection a of this section except that 1 the basic market price to be used shall be the basic market price, as determined by the Corporation, on the date that such noti fication is received in the appropriate branch office of the Corporation or the date on which the 90-day period ex pires, whichever is earlier, and 2 in computing the cash equivalent, a de duction shall be made, in addition to deductions for price differentials, of an amount per bushel, based on the length of time elapsing between the date of approval of the statement in proof of loss and the date the cash equivalent is established, computed at the follow ing rates:
1 15
30
45
60
75

to to to to to to
14
29
44
59
74
90

Per bushel days___________________________ $0.00
days_____________________ ______ 0.005
days___________________________ 0.01
days___________________________ 0. 015
d a y s ________________ :____ ____
0.02
days___________________________ 0.025

The period for computing this charge shall begin with and include the day fo l lowing the date on which the statement in proof of loss is approved by the Cor poration and shall end with and include the date on which notification by the insured is received in the branch office or the date on which the 90-day period expires, whichever is earlier: Provided, however, That if any of these dates fall on other than a business day, the date of the next following business day shall
CONTENTS
RULES, REGULATIONS, ORDERS
7 A g r ic u l t u r e :
Federal Crop Insurance Corpo ration:
Pase Wheat crop insurance regu lations amended________
737
Sugar Division:
Puerto Rico, wage determina tion for production, etc.,
of sugarcane during 1940------738

T it l e
T it l e 19 C u s t o m s D u t i e s :

Bureau of Customs:
Silver or black foxes and furs, quota___________________

739

T i t l e 21 F ood a n d D r u g s :

Food and Drug Administration:
Canned peas, standards of:
Fill of container, etc_______
Identity------------------------Quality, etc________________

741
739
741

T it l e 24 H o u s in g C r e d i t :

Federal Savings and Loan System:
Federal association in re ceivership, claims of creditors________ _______
T i t l e 29 L a b o r :
Wage and Hour Division:
Apprentices, employment of T it l e 30 M in e r a l R e s o u r c e s :
Bituminous Coal Division :
Rules of practice and proce dure, corrections________
T i t l e 46 S h i p p i n g :
Bureau of Marine Inspection and Navigation:
Documentation, etc., of ves sels:
Customs ports authorized to issue marine documents_________________
Sale or charter to an alienT it l e 47 T e l e c o m m u n ic a t i o n :
Federal Communipations Com mission:
Coastal and marine relay services, rules amended Ship service, rules amended Continued on next page
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