[Federal Register: January 4, 1999 (Volume 64, Number 1)]

    [Rules and Regulations]

    [Page 1-5]

    From the Federal Register Online via GPO Access [wais.access.gpo.gov]

    [DOCID:fr04ja99-1]

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    Rules and Regulations

                                                    Federal Register

    ________________________________________________________________________

    This section of the FEDERAL REGISTER contains regulatory documents

    having general applicability and legal effect, most of which are keyed

    to and codified in the Code of Federal Regulations, which is published

    under 50 titles pursuant to 44 U.S.C. 1510.

    The Code of Federal Regulations is sold by the Superintendent of Documents.

    Prices of new books are listed in the first FEDERAL REGISTER issue of each

    week.

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    DEPARTMENT OF AGRICULTURE

    Rural Utilities Service

    7 CFR Part 1788

    RIN 0572-AA86

    RUS Fidelity and Insurance Requirements for Electric and

    Telecommunications Borrowers

    AGENCY: Rural Utilities Service, USDA.

    ACTION: Final rule.

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    SUMMARY: The Rural Utilities Service (RUS) is streamlining its fidelity

    and insurance requirements for electric and telecommunications systems.

    The rule was last revised in 1986, and the revisions are intended to

    update requirements. The rule provides a flexible approach to insurance

    that protects the government's security interest in mortgaged assets

    and conforms to today's business practices.

    DATES: Effective date January 4, 1999.

    FOR FURTHER INFORMATION CONTACT: F. Lamont Heppe, Jr., Director,

    Program Development and Regulatory Analysis, U.S. Department of

    Agriculture, Rural Utilities Service, Room 4034 South Bldg., 1400

    Independence Avenue, SW., Washington, DC 20250-1522. Telephone: 202-

    720-0736. FAX: 202-720-4120. E-mail: fheppe@rus.usda.gov.

    SUPPLEMENTARY INFORMATION:

    Executive Order 12372

        This rule is excluded from the scope of Executive Order 12372,

    Intergovernmental Consultation, which may require consultation with

    State and local officials. A final rule related notice entitled

    ``Department Programs and Activities Excluded from Executive Order

    12372'' (50 FR 47034) determined that RUS loans and loan guarantees

    were not covered by Executive Order 12372.

    Executive Order 12866

        This rule has been determined to be not significant for the

    purposes of Executive Order 12866 and, therefore, has not been reviewed

    by the Office of Management and Budget (OMB).

    Executive Order 12988

        This rule has been reviewed under Executive Order 12988, Civil

    Justice Reform. RUS has determined that this rule meets the applicable

    standards provided in section 3 of the Executive Order. In addition,

    all state and local laws and regulations that are in conflict with this

    rule will be preempted, no retroactive effort will be given to this

    rule, and, in accordance with section 212(c) of the Department of

    Agriculture Reorganization Act of 1994 (7 U.S.C. 6912(c)), appeal

    procedures must be exhausted before an action against the Department or

    its agencies may be initiated.

    Regulatory Flexibility Act Certification

        RUS has determined that this rule will not have a significant

    economic impact on a substantial number of small entities, as defined

    in the Regulatory Flexibility Act (5 U.S.C. 601 et seq.). The RUS

    electric and telecommunications programs provide loans to borrowers at

    interest rates and terms that are more favorable than those generally

    available from the private sector. RUS borrowers, as a result of

    obtaining federal financing, receive economic benefits that exceed any

    direct economic costs associated with complying with RUS regulations

    and requirements. Moreover, this action offers borrowers increased

    flexibility in determining the appropriate insurance coverage for their

    organizations which further offsets economic costs.

    National Environmental Policy Act Certification

        The Administrator of RUS has determined that this rule will not

    significantly affect the quality of the human environment as defined by

    the National Environmental Policy Act of 1969 (42 U.S.C. 4321 et seq.).

    Therefore, this action does not require an environmental impact

    statement or assessment.

    Catalog of Federal Domestic Assistance

        The program described by this rule is listed in the Catalog of

    Federal Domestic Assistance programs under No. 10.850, Rural

    Electrification Loans and Loan Guarantees, 10.851, Rural Telephone

    Loans and Loan Guarantees, and 10.852, Rural Telephone Bank Loans. This

    catalog is available on a subscription basis from the Superintendent of

    Documents, the United States Government Printing Office, Washington, DC

    20402-9325, telephone number (202) 512-1800.

    National Performance Review

        The regulatory action is being taken as part of the National

    Performance Review program to eliminate unnecessary regulations and

    improve those that remain in force.

    Information Collection and Recordkeeping Requirements

        The recordkeeping and reporting requirements contained in this rule

    were approved by the Office of Management and Budget (OMB) pursuant to

    the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended)

    under control numbers 0572-0032 and 0572-0031. Send questions or

    comments regarding any aspect of this collection of information,

    including suggestions for reducing the burden, to F. Lamont Heppe, Jr.,

    Director, Program Development and Regulatory Analysis, Rural Utilities

    Service, U.S. Department of Agriculture, Stop 1522, 1400 Independence

    Avenue, SW., Washington, DC 20250-1522.

    Unfunded Mandates

        This rule contains no Federal mandates (under the regulatory

    provision of Title II of the Unfunded Mandates Reform Act of 1995) for

    State, local, and tribal governments or the private sector. Thus, this

    rule is not subject to the requirements of sections 202 and 205 of the

    Unfunded Mandates Reform Act of 1995.

    Background

        The Rural Utilities Service (RUS) makes and guarantees loans to

    furnish and improve electric and telecommunications service in rural

    areas pursuant to the Rural Electrification Act of 1936, as amended, (7

    U.S.C. 901 et seq.) (RE Act). The security for these loans is generally

    a first mortgage on the borrower's electric or telecommunications

    system. In order to maintain the security for government loans, the RUS

    debt covenants require

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    borrowers to maintain adequate levels of fidelity and insurance

    coverage. Such coverage is generally carried by any prudent business

    and required by any prudent lender.

        RUS regulations implementing these fidelity and insurance

    requirements, 7 CFR part 1788, were last issued in 1986. Since that

    time, the business and regulatory environment of electric and

    telecommunications utilities have undergone rapid change, and the

    experience and sophistication of RUS financed systems have increased.

    RUS has published a number of regulations updating and streamlining

    various requirements. The regulation is part of this overall effort to

    modernize requirements in order to improve the delivery of customer

    service.

        On October 8, 1998 RUS published a proposed rule at 63 FR 54385.

    One comment was received. That comment was favorable to the rule as

    published and suggested no changes in the rule.

        Consequently, RUS is publishing the final rule with no changes from

    the proposed rule.

        Electric distribution borrowers having the form of mortgage found

    in 7 CFR part 1718 are currently subject to provisions similar to

    subpart A of this part. All other borrowers are required to make the

    first certification under subpart A of this rule at the end of the

    first complete calendar year after the effective date of this rule. It

    is contemplated that an insurance provision similar to subpart A of

    this rule will be included in all telecommunications mortgages executed

    by RUS after the effective date of this rule and that all borrowers

    receiving a telecommunications loan or loan guarantee after such

    effective date will be required to execute such a mortgage. A provision

    has been included in subpart A that places a requirement on borrowers

    concerning the reporting of irregularities that is similar to the

    requirement on Certified Public Accountants in 7 CFR part 1773.

        Subparts B and C of this rule will apply to the first contracts

    covered by the rule that borrowers enter into after the effective date

    of this rule.

    List of Subjects in 7 CFR Part 1788

        Electric power, Insurance, Loan programs--communications, Loan

    programs--energy, Reporting and recordkeeping requirements, Rural

    areas, Telecommunications.

        For the reasons set forth in the preamble, RUS amends 7 CFR Chapter

    XVII by revising part 1788 to read as follows:

    PART 1788--RUS FIDELITY AND INSURANCE REQUIREMENTS FOR ELECTRIC AND

    TELECOMMUNICATIONS BORROWERS

    Subpart A--Borrower Insurance Requirements

    Sec.

    1788.1  General and definitions.

    1788.2  General insurance requirements.

    1788.3  Flood insurance.

    1788.4  Disclosure of irregularities and illegal acts.

    1788.5  RUS endorsement required.

    1788.6  RUS right to place insurance.

    1788.7--1788.10  [Reserved]

    Subpart B--Insurance for Contractors, Engineers, and Architects,

    Electric Borrowers

    1788.11  Minimum insurance requirements for contractors, engineers,

    and architects.

    1788.12  Contractors' bonds.

    Subpart C--Insurance for Contractors, Engineers, and Architects,

    Telecommunications Borrowers

    1788.46  General.

    1788.47  Policy requirements.

    1788.48  Contract insurance requirements.

    1788.49  Contractors' bond requirements.

    1788.50  Acceptable sureties.

    1788.51--1788.53  [Reserved]

    1788.54  Compliance with contracts.

    1788.55  Providing RUS evidence.

        Authority: 7 U.S.C. 901 et seq.; 7 U.S.C. 1921 et seq.; 7 U.S.C.

    6941 et seq.

    Subpart A--Borrower Insurance Requirements

    Sec. 1788.1  General and definitions.

        (a) The standard forms of documents covering loans made or

    guaranteed by the Rural Utilities Service contain provisions regarding

    insurance and fidelity coverage to be maintained by each borrower. This

    part implements those provisions by setting forth the requirements to

    be met by all borrowers.

        (b) As used in this part:

        Borrower means any entity with any outstanding loan made or

    guaranteed by RUS.

        Irregularity has the meaning found in Sec. 1773.2.

        Loan documents means the loan agreement, notes, and mortgage

    evidencing or used in conjunction with an RUS loan.

        Mortgage means the mortgage, deed of trust, security agreement, or

    other security document securing an RUS loan.

        Mortgaged property means any property subject to the lien of a

    mortgage.

        RUS means the Rural Utilities Service and includes the Rural

    Telephone Bank.

        RUS loan means a loan made or guaranteed by RUS.

        (c) RUS may revise these requirements on a case by case basis for

    borrowers with unusual circumstances.

    Sec. 1788.2  General insurance requirements.

        (a) Borrowers will take out, as the respective risks are incurred,

    and maintain the classes and amounts of insurance in conformance with

    generally accepted utility industry standards for such classes and

    amounts of coverage for utilities of the size and character of the

    borrower and consistent with Prudent Utility Practice. Prudent Utility

    Practice shall mean any of the practices, methods, and acts which, in

    the exercise of reasonable judgment, in light of the facts, including

    but not limited to, the practices, methods, and acts engaged in or

    approved by a significant portion of the electric utility industry in

    the case of an electric borrower or of the telecommunications industry

    in the case of a telecommunications borrowers prior thereto, known at

    the time the decision was made, would have been expected to accomplish

    the desired result consistent with cost-effectiveness, reliability,

    safety, and expedition. It is recognized that Prudent Utility Practice

    is not intended to be limited to optimum practice, method, or act to

    the exclusion of all others, but rather is a spectrum of possible

    practices, methods, or act which could have been expected to accomplish

    the desired result at the lowest reasonable cost consistent with cost-

    effectiveness, reliability, safety, and expedition.

        (b) The foregoing insurance coverage shall be obtained by means of

    bond and policy forms approved by regulatory authorities having

    jurisdiction, and, with respect to insurance upon any part of the

    mortgaged property securing an RUS loan, shall provide that the

    insurance shall be payable to the mortgagees as their interests may

    appear by means of the standard mortgagee clause without contribution.

    Each policy or other contract for such insurance shall contain an

    agreement by the insurer that, notwithstanding any right of

    cancellation reserved to such insurer, such policy or contract shall

    continue in force for at least 30 days after written notice to each

    mortgagee of suspension, cancellation, or termination.

        (c) In the event of damage to or the destruction or loss of any

    portion of the mortgaged property which is used or useful in the

    borrower's business and which shall be covered by insurance, unless

    each mortgagee shall otherwise agree, the borrower shall replace or

    restore such damaged, destroyed, or lost portion so that such mortgaged

    property

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    shall be in substantially the same condition as it was in prior to such

    damage, destruction, or loss and shall apply the proceeds of the

    insurance for that purpose. The borrower shall replace the lost portion

    of such mortgaged property or shall commence such restoration promptly

    after such damage, destruction, or loss shall have occurred and shall

    complete such replacement or restoration as expeditiously as

    practicable, and shall pay or cause to be paid out of the proceeds of

    such insurance form all costs and expenses in connection therewith.

        (d) Sums recovered under any policy or fidelity bond by the

    borrower for a loss of funds advanced under a note secured by a

    mortgage or recovered by any mortgagee or holder of any note secured by

    the mortgage for any loss under such policy or bond shall, unless

    applied as provided in the preceding paragraph, be used as directed by

    the borrower's mortgage.

        (e) Borrowers shall furnish evidence annually that the required

    insurance and fidelity coverage has been in force for the entire year,

    and that the borrower has taken all steps currently necessary and will

    continue to take all steps necessary to ensure that the coverage will

    remain in force until all loans made or guaranteed by RUS are paid in

    full. Such evidence shall be in a form satisfactory to RUS. Generally a

    certification included as part of the RUS Financial and Statistical

    Report filed by the borrower annually (RUS Form 7 or Form 12 for

    electric borrowers, RUS Form 479 for telecommunications borrowers, or

    the successors to these forms) is sufficient evidence of this coverage.

    Sec. 1788.3  Flood insurance.

        (a) Borrowers shall purchase and maintain flood insurance for

    buildings in flood hazard areas to the extent available and required

    under the National Flood Insurance Act of 1968, as amended (42 U.S.C.

    4001, et seq.) The insurance should cover, in addition to the building,

    any machinery, equipment, fixtures, and furnishings contained in the

    building.

        (b) The National Flood Insurance Program (see 44 CFR Part 59 et

    seq.) provides for a standard flood insurance policy; however, other

    existing insurance policies which provide flood coverage may be used

    where flood insurance is available in lieu of the standard flood

    insurance policy. Such policies must be endorsed to provide:

        (1) That the insurer give 30 days written notice of cancellation or

    nonrenewal to the insured with respect to the flood insurance coverage.

    To be effective, such notice must be mailed to both the insured and RUS

    and other mortgagees if any and must include information as to the

    availability of flood insurance coverage under the National Flood

    Insurance Program, and

        (2) That the flood insurance coverage is at least as broad as the

    coverage offered by the Standard Flood Insurance Policy.

    Sec. 1788.4  Disclosure of irregularities and illegal acts.

        (a) Borrowers must immediately report, in writing, all

    irregularities and all indications or instances of illegal acts in its

    operations, whether material or not, to RUS and the Office of the

    Inspector General (OIG). See 7 CFR 1773.9(c)(3) for OIG addresses. The

    reporting requirements for borrowers are the same as those for CPA's

    set forth in Sec. 1773.9

        (b) Borrowers are required to make full disclosure to the bonding

    company of the dishonest or fraudulent acts.

    Sec. 1788.5  RUS endorsement required.

        In the case of a cooperative or mutual organization, RUS requires

    that the following:

        Endorsement Waiving Immunity From Tort Liability'' be included

    as a part of each public liability, owned, non-owned, hired

    automobile, and aircraft liability, employers' liability policy, and

    boiler policy:

        The Insurer agrees with the Rural Utilities Service that such

    insurance as is afforded by the policy applies subject to the

    following provisions:

        1. The Insurer agrees that it will not use, either in the

    adjustment of claims or in the defense of suits against the Insured,

    the immunity of the Insured from tort liability, unless requested by

    the Insured to interpose such defense.

        2. The Insured agrees that the waiver of the defense of immunity

    shall not subject the Insurer to liability of any portion of a

    claim, verdict or judgment in excess of the limits of liability

    stated in the policy.

        3. The Insurer agrees that if the Insured is relieved of

    liability because of its immunity, either by interposition of such

    defense at the request of the Insured or by voluntary action of a

    court, the insurance applicable to the injuries on which such suit

    is based, to the extent to which it would otherwise have been

    available to the Insured, shall apply to officers and employees of

    the Insured in their capacity as such; provided that all defenses

    other than immunity from tort liability which would be available to

    the Insurer but for said immunity in suits against the Insured or

    against the Insurer under the policy shall be available to the

    Insurer with respect to such officers and employees in suits against

    such officers and employees or against the Insurer under the policy.

    Sec. 1788.6  RUS right to place insurance.

        If a borrower fails to purchase or maintain the required insurance

    and fidelity coverage, the mortgagees may place required insurance and

    fidelity coverage on behalf and in the name of the borrower. The

    borrower shall pay the cost of this coverage, as provided in the loan

    documents.

    Secs. 1788.6--1788.10  [Reserved]

    Subpart B--Insurance for Contractors, Engineers, and Architects,

    Electric Borrowers

    Sec. 1788.11  Minimum insurance requirements for contractors,

    engineers, and architects.

        (a) Each electric borrower shall include the provisions in this

    paragraph in its agreements with contractors, engineers, and

    architects, said agreements that are wholly or partially financed by

    RUS loans or guarantees. The borrower should replace ``Contractor''

    with ``Engineer'' or ``Architect'' as appropriate.

        1. The Contractor shall take out and maintain throughout the

    period of this Agreement insurance of the following minimum types

    and amounts:

        a. Worker's compensation and employer's liability insurance, as

    required by law, covering all their employees who perform any of the

    obligations of the contractor, engineer, and architect under the

    contract. If any employer or employee is not subject to workers'

    compensation laws of the governing State, then insurance shall be

    obtained voluntarily to extend to the employer and employee coverage

    to the same extent as though the employer or employee were subject

    to the workers' compensation laws.

        b. Public liability insurance covering all operations under the

    contract shall have limits for bodily injury or death of not less

    than $1 million each occurrence, limits for property damage of not

    less than $1 million each occurrence, and $1 million aggregate for

    accidents during the policy period. A single limit of $1 million of

    bodily injury and property damage is acceptable. This required

    insurance may be in a policy or policies of insurance, primary and

    excess including the umbrella or catastrophe form.

        c. Automobile liability insurance on all motor vehicles used in

    connection with the contract, whether owned, non-owned, or hired,

    shall have limits for bodily injury or death of not less than $1

    million per person and $1 million each occurrence, and property

    damage limits of $1 million for each occurrence. This required

    insurance may be in a policy or policies of insurance, primary and

    excess including the umbrella or catastrophe form.

        2. The Owner shall have the right at any time to require public

    liability insurance and property damage liability insurance greater

    than those required in paragraphs (a)(1)(b) and (a)(1)(c) of this

    section. In any such event, the additional premium or premiums

    payable solely as the result of such additional insurance shall be

    added to the Contract price.

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        3. The Owner shall be named as Additional Insured on all

    policies of insurance required in (a)(1)(b) and (a)(1)(c) of this

    section.

        4. The policies of insurance shall be in such form and issued by

    such insurer as shall be satisfactory to the Owner. The Contractor

    shall furnish the Owner a certificate evidencing compliance with the

    foregoing requirements that shall provide not less than 30 days

    prior written notice to the Owner of any cancellation or material

    change in the insurance.

        (b) Electric borrowers shall also ensure that all architects and

    engineers working under contract with the borrower have insurance

    coverage for Errors and Omissions (Professional Liability Insurance) in

    an amount at least as large as the amount of the architectural or

    engineering services contract but not less than $500,000.

        (c) The borrower may increase the limits of insurance if desired.

        (d) The minimum requirement of $1 million of public liability

    insurance does not apply to contractors performing maintenance work,

    janitorial-type services, meter reading services, rights-of-way mowing,

    and jobs of a similar nature. However, borrowers shall ensure that the

    contractor performing the work has public liability coverage at a level

    determined to be appropriate by the borrower.

        (e) If requested by RUS, the borrower shall provide RUS with a

    certificate from the contractor, engineer, or architect evidencing

    compliance with the requirements of this section.

    Sec. 1788.12  Contractors' bonds.

        Electric borrowers shall require contractors to obtain contractors'

    bonds when required by part 1726, Electric System Construction Policies

    and Procedures, of this chapter. Surety companies providing

    contractors' bonds shall be listed as acceptable sureties in the U.S.

    Department of Treasury Circular No. 570. The circular is maintained

    through periodic publication in the Federal Register and is available

    on the Internet under ftp://ftp.fedworld.gov/pub/tel/sureties.txt, and

    on the Department of the Treasury's computer bulletin board at 202-874-

    6817.

    Subpart C--Insurance for Contractors, Engineers, and Architects,

    Telecommunications Borrowers

    Sec. 1788.46  General.

        This subpart sets forth RUS policies for minimum insurance

    requirements for contractors, engineers, and architects performing work

    under contracts which are wholly or partially financed by RUS loans or

    guarantees with telecommunications borrowers.

    Sec. 1788.47  Policy requirements.

        (a) Contractors, engineers, and architects performing work for

    borrowers under construction, engineering, and architectural service

    contracts shall obtain insurance coverage, as required in Sec. 1788.48,

    and maintain it in effect until work under the contracts is completed.

        (b) Contractors entering into construction contracts with borrowers

    shall furnish a contractors' bond, except as provided for in

    Sec. 1788.49, covering all of the contractors' undertaking under the

    contract.

        (c) Borrowers shall make sure that their contractors, engineers,

    and architects comply with the insurance and bond requirements of their

    contracts.

    Sec. 1788.48  Contract insurance requirements.

        Contracts entered into between borrowers and contractors,

    engineers, and architects shall provide that they take out and maintain

    throughout the contract period insurance of the following types and

    minimum amounts:

        (a) Workers' compensation and employers' liability insurance, as

    required by law, covering all their employees who perform any of the

    obligations of the contractor, engineer, and architect under the

    contract. If any employer or employee is not subject to the workers'

    compensation laws of the governing state, then insurance shall be

    obtained voluntarily to extend to the employer and employee coverage to

    the same extent as though the employer or employee were subject to the

    workers' compensation laws.

        (b) Public liability insurance covering all operations under the

    contract shall have limits for bodily injury or death of not less than

    $1 million each occurrence, limits for property damage of not less than

    $1 million each occurrence, and $1 million aggregate for accidents

    during the policy period. A single limit of $1 million of bodily injury

    and property damage is acceptable. This required insurance may be in a

    policy or policies of insurance, primary and excess including the

    umbrella or catastrophe form.

        (c) Automobile liability insurance on all motor vehicles used in

    connection with the contract, whether owned, non-owned, or hired, shall

    have limits for bodily injury or death of not less than $1 million per

    person and $1 million per occurrence, and property damage limits of $1

    million for each occurrence. This required insurance may be in a policy

    or policies of insurance, primary and excess including the umbrella or

    catastrophe form.

        (d) When a borrower contracts for the installation of major

    equipment by other than the supplier or for the moving of major

    equipment from one location to another, the contractor shall furnish

    the borrower with an installation floater policy. The policy shall

    cover all risks of damage to the equipment until completion of the

    installation contract.

    Sec. 1788.49  Contractors' bond requirements.

        Construction contracts in amounts in excess of $250,000 for

    facilities shall require contractors to secure a contractors' bond, on

    a form approved by RUS, attached to the contract in a penal sum of not

    less than the contract price, which is the sum of all labor and

    materials including owner-furnished materials installed in the project.

    RUS Form 168b is for use when the contract exceeds $250,000. RUS Form

    168c is for use when the contractor's surety has accepted a Small

    Business Administration guarantee and the contract is for $1,000,000 or

    less. For minor construction contracts under which work will be done in

    sections and no section will exceed a total cost of $250,000, the

    borrower may waive the requirement for a contractors' bond.

    Sec. 1788.50  Acceptable sureties.

        Surety companies providing contractors' bonds shall be listed as

    acceptable sureties in the U.S. Department of Treasury Circular No.

    570. The circular is maintained through periodic publication in the

    Federal Register and is available on the Internet under ftp://

    ftp.fedworld.gov/pub/tel/sureties.txt, and on the Department of the

    Treasury's computer bulletin board at 202-874-6817.

    Secs. 1788.51--1788.53  [Reserved]

    Sec. 1788.54  Compliance with contracts.

        It is the responsibility of the borrower to determine, before the

    commencement of work, that the engineer, architect, and the contractor

    have insurance that complies with their contract requirements.

    Sec. 1788.55  Providing RUS evidence.

        When RUS shall specifically so direct, the borrower shall also

    require the engineer, the architect, and the contractor, to forward to

    RUS evidence of compliance with their contract representative of the

    insurance company and include a provision that no change in or

    cancellation of any policy listed in the certificate will be made

    without the prior written notice to the borrower and to RUS.

    [[Page 5]]

        Dated: December 24, 1998.

    Jill Long Thompson,

    Under Secretary, Rural Development.

    [FR Doc. 98-34778 Filed 12-31-98; 8:45 am]

    BILLING CODE 3410-15-P