Sec. 9. Board review and approval
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Section 508(h) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(h) ) is amended by striking paragraph
(3)and inserting the following: A policy, plan of insurance, or other material submitted to the Board under this subsection shall be reviewed by the Board and shall be approved by the Board for reinsurance and for sale by approved insurance providers to producers at actuarially appropriate rates and under appropriate terms and conditions if the Board, in the sole discretion of the Board, determines that— the interests of producers are adequately protected; the rates of premium and price election methodology are actuarially appropriate; the terms and conditions for the proposed policy or plan of insurance are appropriate and would not unfairly discriminate among producers; the proposed policy or plan of insurance will, at the sole discretion of the Board— likely result in a viable and marketable policy that can reasonably attain levels of participation similar to other like policies or plans of insurance; provide crop insurance coverage in a significantly improved form or in a manner that addresses a recognized flaw or problem in an existing policy; or provide a new kind of coverage for a commodity that previously had no available crop insurance, or has demonstrated a low level of participation under existing coverage; the proposed policy or plan of insurance will, at the sole discretion of the Board, not have a significant adverse impact on the crop insurance delivery system; and the proposed policy or plan of insurance meets such other requirements as are determined appropriate by the Board. .
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Sec. 9
Board review and approval
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