5 (1) AgriCorp shall fix the terms of contracts of insurance, subject to subsection (1.1). 2019, c. 14, Sched. 3, s. 4. Ministerial approval (1.1) AgriCorp shall obtain the approval of the Minister before, (a) offering any new standard form contracts of insurance; or (b) making any changes to an existing standard form contract of insurance that affects, (i) the premium charged under the contract of insurance, (ii) the risks insured under the contract of insurance, or (iii) any other aspect of a contract of insurance that the Minister may direct. 2019, c. 14, Sched. 3, s. 4. Powers of AgriCorp (2) AgriCorp has all the powers necessary to perform its duties including the power to, (a) determine the qualifications and requirements for a person to enter into a contract of insurance, including determining whether a person has an insurable interest in an agricultural product; (b) enter into contracts of insurance; (c) fix terms of contracts of insurance relating to replanting benefits, unplanted acreage benefits, salvage benefits, by-pass acreage benefits or any other benefit; (d) fix premium rates payable by insured persons; (e) fix the duration of contracts of insurance; (f) specify the circumstances in which an insured person may terminate a contract of insurance and the methods that the person may use to terminate the contract; (g) specify penalties imposed on an insured person who breaches the terms of a contract of insurance; (h) reinsure with any other insurer the risk or any portion of the risk under its contracts of insurance; and (i) terminate a contract of insurance on the terms that it considers appropriate. 1996, c. 17, Sched. C, s. 5 (2); 2010, c. 16, Sched. 1, s. 1 (9, 10); 2015, c. 6, s. 4 (1). Deemed acceptance (3) An applicant for a contract of insurance or an insured person who receives notice from AgriCorp of the terms of a contract of insurance or amendments to the terms, as the case may be, shall be deemed to have accepted them unless the recipient notifies AgriCorp to the contrary within the time period that AgriCorp specifies.  1996, c. 17, Sched. C, s. 5 (3). Requirements for insured person (4) AgriCorp may enter into a contract of insurance to insure an agricultural product with any person who, (a) has an insurable interest in the agricultural product; and (b) otherwise meets the qualifications and requirements set by AgriCorp under clause (2) (a). 2010, c. 16, Sched. 1, s. 1 (11); 2015, c. 6, s. 4 (2, 3). More than one person with insurable interest (5) If more than one person has an insurable interest in an agricultural product, AgriCorp may enter into, (a) an individual contract of insurance with each person with an insurable interest in the agricultural product; (b) one contract of insurance with all persons with an insurable interest in the agricultural product; or (c) several contracts of insurance with respect to the agricultural product, some individual contracts and others that insure two or more persons with an insurable interest in the agricultural product. 2010, c. 16, Sched. 1, s. 1 (11); 2015, c. 6, s. 4 (4). Contract restriction (6) In any contract of insurance with respect to an agricultural product between AgriCorp and a person, the contract shall insure the person’s entire insurable interest in the agricultural product. 2010, c. 16, Sched. 1, s. 1 (11); 2015, c. 6, s. 4 (5). Same, several insurable interests (7) The following conditions apply if AgriCorp enters into more than one contract of insurance with respect to one agricultural product: 1. Each contract of insurance shall insure a different insurable interest in the agricultural product. 2. The amount of insurance provided under all of the contracts of insurance is equal to the sum of each insured person’s entire insurable interest in the agricultural product, subject to paragraph 3. 3. The amount of insurance provided under all of the contracts of insurance is not greater than the total value of the agricultural product. 2010, c. 16, Sched. 1, s. 1 (11); 2015, c. 6, s. 4 (6-9). Insurable interest (8) For the purposes of this section, the following persons have an insurable interest in an agricultural product: 1. A producer of the agricultural product. 2. Any person who may benefit from the successful production of the agricultural product or who may be prejudiced by any loss or damage to the agricultural product. 3. Any other person who, in the opinion of AgriCorp, has an insurable interest in the agricultural product. 2010, c. 16, Sched. 1, s. 1 (11); 2015, c. 6, s. 4 (10-13). Section Amendments with date in force (d/m/y) 2010, c. 16, Sched. 1, s. 1 (8-11) - 1/07/2014 2015, c. 6, s. 4 - 1/09/2015 2019, c. 14, Sched. 3, s. 4 - 10/12/2019