from the scic website:
Premiums
SCIC sets premium rates to recover losses (claims paid) over the long-term and to maintain a sustainable program by paying off program debt and building a reasonable reserve. The methodology used by SCIC to calculate premium rates and yields must be certified by an actuary and approved by Agriculture and Agri-Food Canada every five years.
Premium is cost-shared with producers paying 40 per cent and the provincial and federal government 60 per cent of costs. Premium dollars are not used to pay for program administration. The full cost of program administration is cost-shared by the federal and provincial governments.
Premiums
SCIC sets premium rates to recover losses (claims paid) over the long-term and to maintain a sustainable program by paying off program debt and building a reasonable reserve. The methodology used by SCIC to calculate premium rates and yields must be certified by an actuary and approved by Agriculture and Agri-Food Canada every five years.
Premium is cost-shared with producers paying 40 per cent and the provincial and federal government 60 per cent of costs. Premium dollars are not used to pay for program administration. The full cost of program administration is cost-shared by the federal and provincial governments.
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