Sec. 11014. Peanut revenue crop insurance
179 words·~1 min read·
/bill/113/s/954/pcs/section-11014A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Federal Crop Insurance Act is amended by inserting after section 508B (as added by section 11013(a)) the following: Effective beginning with the 2014 crop year, the Risk Management Agency and the Corporation shall make available to producers of peanuts a revenue crop insurance program for peanuts. Subject to paragraph (2), for purposes of the policies and plans of insurance offered under subsections
(a)and
(b)of section 508, the effective price for peanuts shall be equal to the Rotterdam price index for peanuts, as adjusted to reflect the farmer stock price of peanuts in the United States. The effective price for peanuts established under paragraph
(1)may be adjusted by the Risk Management Agency and the Corporation to correct distortions. If an adjustment is made under subparagraph (A), the Risk Management Agency and the Corporation shall— make the adjustment in an open and transparent manner; and submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that describes the reasons for the adjustment. .