Sec. 1401. Dairy risk coverage

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Part I of subtitle D of title I of the Agricultural Act of 2014 ( 7 U.S.C. 9051 et seq.) is amended in the part heading by striking and inserting Margin Protection Program . Dairy Risk Coverage Section 1401 of the Agricultural Act of 2014 ( 7 U.S.C. 9051 ) is amended— by redesignating paragraphs

(4)through

(10)as paragraphs

(5)through (11), respectively; by inserting after paragraph

(3)the following: The term catastrophic coverage means coverage under section 1406(a)(2)(B). ; in paragraph

(6)(as so redesignated)— in the paragraph heading, by striking and inserting Margin protection program ; Dairy risk coverage by striking margin protection program the first place it appears and inserting dairy risk coverage ; and by striking the margin protection program and inserting dairy risk coverage ; in paragraph

(7)(as so redesignated)— in the paragraph heading, by striking and inserting Margin protection program ; Dairy risk coverage by striking margin protection program the first place it appears and inserting dairy risk coverage ; and by striking the margin protection program pursuant to ; and in paragraphs

(8)and

(9)(as so redesignated), by striking the margin protection program each place it appears and inserting dairy risk coverage . Section 1402(b)(1) of the Agricultural Act of 2014 ( 7 U.S.C. 9052(b)(1) ) is amended in the matter preceding subparagraph

(A)by striking the margin protection program and inserting dairy risk coverage . Section 1403 of the Agricultural Act of 2014 ( 7 U.S.C. 9053 ) is amended to read as follows: Beginning with the 2019 calendar year, the Secretary shall administer dairy risk coverage under which participating dairy operations are paid a dairy risk coverage payment when actual dairy production margins are less than the threshold levels for a dairy risk coverage payment. Subpart A of part 1430 of title 7, Code of Federal Regulations (as in effect on the date of enactment of the Agriculture Improvement Act of 2018 ), shall remain in effect for dairy risk coverage beginning with the 2019 calendar year, except to the extent that the regulations are inconsistent with any provision of this Act. . Section 1404 of the Agricultural Act of 2014 ( 7 U.S.C. 9054 ) is amended— in the section heading, by striking and inserting margin protection program ; dairy risk coverage in subsection (a), by striking the margin and all that follows through payments and inserting dairy risk coverage to receive dairy risk coverage payments ; in subsection (b)— in each of paragraphs (1), (3), and (4), by striking the margin protection program and inserting dairy risk coverage ; and by adding at the end the following: A participating dairy operation may elect to receive catastrophic coverage instead of paying a premium under section 1407. ; in subsection (c)— in paragraphs (1)(A) and (3), by striking the margin protection program each place it appears and inserting dairy risk coverage ; in paragraph (1)(B), by striking of the margin protection program ; and in paragraph (2)— by striking The administrative and inserting the following: The administrative ; and by adding at the end the following: In addition to the administrative fee under subparagraph (A), a participating dairy operation that elects to receive catastrophic coverage shall pay an additional administrative fee of $100. ; and in subsection (d), by striking the margin protection program and inserting dairy risk coverage . Section 1405 of the Agricultural Act of 2014 ( 7 U.S.C. 9055 ) is amended— in subsections

(a)and (c), by striking the margin protection program each place it appears and inserting dairy risk coverage ; and in subsection (a)(2), by striking In subsequent years and inserting During each of the 2014 through 2019 calendar years . Section 1406 of the Agricultural Act of 2014 ( 7 U.S.C. 9056 ) is amended— in the section heading, by striking and inserting margin protection ; dairy risk coverage by striking margin protection each place it appears and inserting dairy risk coverage ; in subsection (a)— in paragraph (1)— by striking to $4.00 and all that follows through $5.50 and inserting the following: to— in the case of catastrophic coverage, $5.00; $5.50 ; and by adding at the end the following: in the case of production subject to premiums under section 1407(b), any amount described in subparagraph (B), $8.50, or $9.00; and ; and in paragraph (2)— by striking

(2)a percentage and inserting the following: a percentage ; in subparagraph

(A)(as so designated)— by striking beginning with 25 percent and not exceeding and inserting that does not exceed ; and by striking the period at the end and inserting ; or ; and by adding at the end the following: in the case of catastrophic coverage, a coverage level of 40 percent of the production history of the participating dairy operation. ; and in subsection (c), in the subsection heading, by striking and inserting margin protection . dairy risk coverage Section 1407 of the Agricultural Act of 2014 ( 7 U.S.C. 9057 ) is amended— in the section heading, by striking and inserting margin protection program ; dairy risk coverage in subsection (a), in the matter preceding paragraph (1), by striking the margin protection program and inserting dairy risk coverage ; in subsection (b)— in paragraph (2)— by striking Except as and all that follows through the and inserting The ; by striking the rows relating to the $4.00, $4.50, and $5.00 coverage levels; by striking $0.009 and inserting $0.02 ; by striking $0.016 and inserting $0.04 ; by striking $0.040 and inserting $0.07 ; by striking $0.063 and inserting $0.10 ; by striking $0.087 and inserting $0.12 ; by striking $0.142 and inserting $0.14 ; and by adding at the end of the table the following: $8.50 $0.16 $9.00 $0.18 ; and by striking paragraph (3); in subsection (c)(2)— by striking the rows relating to the $4.00, $4.50, and $5.00 coverage levels; by striking $0.100 and inserting $0.144 ; by striking $0.155 and inserting $0.24 ; by striking $0.290 and inserting $0.42 ; by striking $0.830 and inserting $1.08 ; by striking $1.060 and inserting $1.32 ; and by striking $1.360 and inserting $1.68 ; in subsection (e)— in paragraph (1), by striking the margin protection program and inserting dairy risk coverage ; and in paragraph (2), by striking A participating dairy operation in the margin protection program and inserting A dairy operation participating in dairy risk coverage ; and by adding at the end the following: The premium per hundredweight specified in the tables contained in subsections

(b)and

(c)for each coverage level shall be reduced by— 50 percent for a participating dairy operation with a production history that is less than 2,000,000 pounds; and 25 percent for a participating dairy operation with a production history that is not less than 2,000,000 pounds and not greater than 10,000,000 pounds. The Secretary shall repay each dairy operation that participated in the margin protection program, as in effect for each of calendar years 2014 through 2017, an amount equal to the difference between— the total amount of premiums paid by the participating dairy operation under this section for the applicable calendar year; and the total amount of payments made to the participating dairy operation under section 1406 for that calendar year. Paragraph

(1)shall only apply to a calendar year for which the amount described in subparagraph

(A)of that paragraph is greater than the amount described in subparagraph

(B)of that paragraph. . Section 1408 of the Agricultural Act of 2014 ( 7 U.S.C. 9058 ) is amended— in subsection (a)(2), by striking margin protection and inserting dairy risk coverage ; and in subsection (b), by striking the margin protection program and inserting dairy risk coverage . Section 1409 of the Agricultural Act of 2014 ( 7 U.S.C. 9059 ) is amended— by striking The margin protection program and inserting Dairy risk coverage ; and by striking 2018 and inserting 2023 . Section 1410 of the Agricultural Act of 2014 ( 7 U.S.C. 9060 ) is amended— in subsections

(a)and (c), by striking the margin protection program each place it appears and inserting dairy risk coverage ; and in subsection (b), by striking margin protection and inserting dairy risk coverage .

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