(a) An applicant may submit to the Board in accordance with Sec. 400.705:
(1) A policy or plan of insurance not currently reinsured by FCIC;
(2) One or more proposed revisions to a policy or plan of insurance authorized under the Act; or
(3) Rates of premium for any policy or plan of insurance authorized under the Act.
(b) An applicant must submit to the Board any significant change to a previously approved submission prior to making the change.