Sec. 505. Cost-saving reforms for Federal Crop Insurance Program
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/bill/114/hr/3777/ih/section-505·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 508(e) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(e) ) is amended by adding at the end the following new paragraph: Notwithstanding any other provision of this subsection regarding payment of a portion of premiums, effective beginning with the 2016 reinsurance year, the level of premium subsidy for revenue-based plans of insurance that provide protection for upward price movements at harvest time shall be at least 10 percentage points less than the premium subsidy available for the same coverage for the 2015 reinsurance year. .
Section 508(i) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(i) ) is amended by adding at the end the following new paragraph: The Corporation shall adjust, as soon as practicable, prevented planting coverage levels on a crop-by-crop basis to improve the actuarial soundness of the insurance operations of the Corporation. . Section 508(l) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(l) ) is amended— by striking The Corporation and inserting the following: The Corporation ; and by adding at the end the following new paragraph:
The Corporation may not provide an option for producers to purchase additional prevented planting coverage levels in excess of the base coverage provided in the policy. . Section 508A(c)(3) of the Federal Crop Insurance Act ( 7 U.S.C. 1508a(c)(3) ) is amended by striking make an election under paragraph (1)(B) for a crop year, and inserting collects an indemnity under prevented planting coverage for a first crop for a crop year, whether or not the producer elects to plant a second crop, The amendments made by this section shall apply beginning with the 2016 reinsurance year.
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