Sec. 11009. 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, at 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. The Board, at the sole discretion of the Board, may— annually establish priorities under this subsection that specify types of submissions needed to fulfill the portfolio of policies or plans of insurance to be reviewed and approved under this subsection; and make the priorities available on the website of the Corporation. Policies or plans of insurance that satisfy the priorities established by the Board under this subsection shall be considered by the Board for approval prior to other submissions. In approving policies or plans of insurance, the Board shall— consider providing the highest priorities for policies or plans of insurance that address underserved commodities, including commodities for which there is no insurance; and consider providing the highest priorities for existing policies for which there is inadequate coverage or there exists low levels of participation. The Board may establish such other criteria as the Board determines to meet the needs of producers and the priorities of this subsection, consistent with the purposes of this subtitle. .
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Sec. 11009
Board review and approval
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