§ 80.35 What additional requirements apply to multiyear licenses?
The following additional requirements apply to multiyear licenses:
(a) A multiyear license may be valid for either a specific or indeterminate number of years, but it must be valid for at least 2 years.
(b) The agency must receive net revenue from a multiyear license that is in close approximation to the net revenue received for a single-year license providing similar privileges:
(1) Each year during the license period; or
(2) At the time of sale as if it were a single-payment annuity, which is an investment of the license fee that results in the agency receiving at least the minimum required net revenue for each year of the license period.
(c) An agency may spend a multiyear license fee as soon as the agency receives it as long as the fee provides the minimum required net revenue for the license period.
(d) The agency must count only the licenses that meet the minimum required net revenue for the license period based on:
(1) The duration of the license in the case of a multiyear license with a specified ending date; or
(2) Whether the license holder remains alive.
(e) The agency must obtain the Director's approval of its proposed technique to decide how many multiyear-license holders remain alive in the certification period. Some examples of techniques are statistical sampling, life-expectancy tables, and mortality tables.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.