The Designation of Insurable Crops and Livestock Regulations and the Livestock Price Insurance Plan Regulations in Nova Scotia were amended through legislative actions involving the Nova Scotia Crop and Livestock Insurance Commission and the Governor in Council. The goal of the amendments is to address specific provisions within the Crop and Livestock Insurance Act.

The amendment to the Designation of Insurable Crops and Livestock Regulations modifies the existing framework by updating Section 4 to include cattle and poultry as insurable livestock, reflecting the changing needs of the agricultural sector. The changes also enabled the introduction of a Livestock Price Insurance Plan, a new program designed to provide financial protection for livestock producers facing unexpected price declines. The plan is structured to allow producers of eligible livestock, particularly feeder cattle and calves, to secure insurance against market price drops, with the program modeled after the Maritime Livestock Price Insurance Program (MLPIP), which is a collaborative initiative between the governments of Nova Scotia, New Brunswick, and Prince Edward Island.

The Livestock Price Insurance Plan Regulations outline the eligibility requirements for producers to participate in the program, which include being the primary producer of the livestock, reporting the majority of their farm income in Nova Scotia, and meeting specific age and residency criteria. The regulations also specify the types of livestock eligible for coverage, such as calves and feeder cattle, which must be owned by the producer for a minimum of 60 days within an insurable period. The Commission is responsible for administering the plan, and it may enter into agreements with external program administrators, like the Agriculture Financial Services Corporation of Alberta, to handle specific tasks such as claim assessments and policy management.

Under these regulations, the program covers financial losses resulting from a price decline in eligible livestock, using methodologies like indexed settlement prices to determine the extent of the loss. Insurance policies are issued by the Commission and remain in force for the duration of the policy period. Producers can apply for insurance by submitting an application, and the Commission will issue contracts based on established premiums and other terms. The regulations also provide details on the cancellation of both the insurance policies and contracts, outlining conditions under which either the insured party or the Commission can terminate agreements. These conditions include non-payment of premiums, breaches of contract, or failure to meet eligibility requirements. Furthermore, any disputes arising from claims or losses under the contract may be resolved through arbitration, with provisions for notifying the Commission within a specified period.

The amendments to the regulations and the introduction of the Livestock Price Insurance Plan aim to support the financial stability of livestock producers in Nova Scotia, ensuring that they have a safety net in times of volatile market conditions.

Nova Scotia (23/2025) February 21, 2025