A feasibility study is a study conducted to determine whether a proposed risk financing program is feasible for an organization or group of organizations. An actuarial analysis is often carried out in conjunction with a feasibility study. Often used in relation to studies that attempt to establish whether the creation of a captive insurance company is a viable alternative to risk financing in a given set of circumstances.
The Federal Arbitration Act (FAA) is a law passed by Congress in 1925 that makes it easier to resolve private disputes through arbitration. The FAA has been interpreted as applicable to all interstate commerce contracts in both federal and state courts and governs the enforceability of agreements in arbitration.
Federal Crop Insurance is insurance coverage for farmers that is controlled and subsidized by the federal government and is marketed and maintained by private insurers and agents. Federal Crop Insurance offers a range of insurance policies that cover loss of crop value caused by extremely hot weather, drought, excessive moisture, flooding, wildlife damage, earthquake, insects, and disease. These policies protect the farmer from loss of production or income when a particular insured crop does not meet a predetermined production guarantee. The USDA Risk Management Agency (RMA) oversees the federal crop insurance program. The RMA provides policies for over 100 crops, most grown in the US, although coverage may not be available for some crops in some regions. Federal crop insurance is also referred to as multi-risk crop insurance (MPCI).
The Federal Emergency Management Agency (FEMA) is an agency of the US Department of Homeland Security that provides a single point of accountability for all federal emergency preparedness, mitigation, and response activities. FEMA’s primary goal is to coordinate the response to natural disasters that overwhelm the resources of state and local governments. It works closely with these government agencies, funding emergency programs and offering technical guidance and training. In addition, FEMA administers the National Flood Insurance Program (NFIP) and advises communities on building codes, emergency response, and floodplain management.
The Federal Employers’ Liability Act (FELA) of 1908 is a federal law that provides for a liberalization of the tort liability rules applicable to the liability of railroads to their employees for personal injury (PI). Under ordinary tort rules, the injured party must prove negligence on the part of the defendant and no concomitant negligence or risk-taking on his or her part. Under FELA, the employee only needs to show that any negligence on the part of the employer contributed to the injury. However, employee negligence reduces compensation in proportion to the negligence attributed to the employee. The practical effect of this law, as it has been interpreted by the courts over the years, was in fact to enact a strict liability law for railways in respect of injuries caused to their workers, in a manner very similar to workers’ compensation, but without limiting the benefits provided for in workers’ compensation laws.
The Federal Excise Tax (FET) is a tax levied on insurance premium payments to offshore insurers: 4 percent on direct premiums and 1 percent on reinsurance premiums. It was once relaxed to pay premiums to most offshore insurers/reinsurers in Barbados and Bermuda, but not for long. This can be eliminated if the captive elects to be taxed as a U.S. corporation, or if the transaction is not in fact insurance (ie.
The Federal Highway Administration (FHWA) is the FHWA that coordinates road transportation programs in collaboration with states and other partners to improve the nation’s safety, economic viability, quality of life, and the environment. Major program areas include the Federal Highway Assistance Program, which provides federal financial assistance to states to build and improve the national highway system, urban and rural roads, and bridges. This program provides funds for the overall improvement and development of safe highways and roads. The Federal Land Highway Program provides access to and within national forests, national parks, Indian reservations, and other public lands by preparing plans and contracts, supervising construction sites, and conducting bridge inspections and surveys. FHWA also manages a comprehensive research, development and technology program. (Source: www.transportation.gov/administrationshttps://www.transportation.gov/administrations)
The Federal Home Loan Bank (FHLB) is a system of regional banks that can help local American lending institutions when the need arises to borrow money. These banks are used to finance various things such as infrastructure, housing and economic development. FHLBs are effectively cooperatives, which allows their low costs to be passed on to clients. Used by most American lending institutions, FHLBs have been around for decades, providing low-cost funds for community lending.
The Federal Retention of Liability Act supersedes some of the state’s functions. For example, the Act does not allow a state insurance regulator to prohibit risk retention groups (RRGs) registered in other states from working for the regulator, eliminating the need for a shell company.