Guaranty Fund Assessments [Agriculture] Law and Legal Definition

According to 7 CFR 400.161 [Title 7—Agriculture; Subtitle B -- Regulations of the Department of Agriculture; Chapter IV -- Federal Crop Insurance Corporation, Department of Agriculture; Part 400 -- General Administrative Regulations; Subpart L -- Reinsurance Agreement -- Standards for Approval; Regulations for the 1997 and Subsequent Reinsurance Years], guaranty fund assessments means “the state administered program utilized by some state insurance regulatory agencies to obtain funds with which to discharge unfunded obligations of insurance companies licensed to do business in that state.”