Sec. 603. Approval of costs for research and development
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Section 522(b)(2) of the Federal Crop Insurance Act ( 7 U.S.C. 1522(b)(2) ) is amended by striking subparagraph
(E)and inserting the following new subparagraph: The Board may approve up to 50 percent of the projected total research and development costs to be paid in advance to an applicant, in accordance with the procedures developed by the Board for the making of the payments, if, after consideration of the reviewer reports described in subparagraph
(D)and such other information as the Board determines appropriate, the Board determines that— the concept, in good faith, will likely result in a viable and marketable policy consistent with section 508(h); at the sole discretion of the Board, the concept, if developed into a policy and approved by the Board, would provide crop insurance coverage— in a significantly improved form or that addresses a unique need of agricultural producers; to a crop or region not traditionally served by the Federal crop insurance program; or in a form that addresses a recognized flaw or problem in the program; the applicant agrees to provide such reports as the Corporation determines are necessary to monitor the development effort; the proposed budget and timetable are reasonable, as determined by the Board; and the concept proposal meets any other requirements that the Board determines appropriate. The Board may waive the 50-percent limitation and, upon request of the submitter after the submitter has begun research and development activities, the Board may approve an additional 25 percent advance payment to the submitter for research and development costs, if, at the sole discretion of the Board, the Board determines that— the intended policy or plan of insurance developed by the submitter will provide coverage for a region or crop that is underserved by the Federal crop insurance program, including specialty crops; and the submitter is making satisfactory progress towards developing a viable and marketable policy or plan of insurance consistent with section 508(h). .
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Sec. 603
Approval of costs for research and development
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