Sec. 11501. Actuarial soundness of Federal crop insurance program
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Section 506(n) of the Federal Crop Insurance Act ( 7 U.S.C. 1506(n) ) is amended by adding at the end the following: The Corporation shall— not less frequently than once each year, review for actuarial soundness any policies or plans of insurance developed pursuant to section 508(h) that had more than $500,000,000 in liability annually; take necessary actions to align those policies or plans of insurance with the applicable standard for actuarial soundness, if needed; and make publicly available a report that describes— the results of the review conducted under subparagraph (A); the performance of the policies or plans of insurance described in that subparagraph; and any actions carried out under subparagraph (B). .
Section 507 of the Federal Crop Insurance Act ( 7 U.S.C. 1507 ) (as amended by section 11401(3)) is amended by adding at the end the following: The annual rate of basic pay for up to 3 specialized experts, such as actuaries, as determined by the Administrator of the Risk Management Agency, may be established and adjusted by the Administrator of the Risk Management Agency without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5, United States Code. .
Section 508(h) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(h) ) is amended— in paragraph (1)(B)— in clause (i)(I), by striking clause
(ii)and inserting clauses
(ii)and
(iii); and by adding at the end the following: The Corporation may waive the viability and marketability requirement under clause (i)(I) in the case of a policy or pilot program for which an urgent need has been identified, or recommendation has been provided, by a majority of members of the Specialty Crop Insurance Advisory Committee established under section 507(h). ; in paragraph (3)(A)(ii)(I), by inserting , as determined in accordance with paragraph (4)(F) before the semicolon at the end; and in paragraph (4)— in subparagraph (D), by adding at the end the following: Except as provided in subclause (II), any policy, plan of insurance, or material approved and finalized fewer than 120 days prior to the applicable sales closing date— shall be implemented for the next reinsurance year; but shall not be implemented for the current reinsurance year. The Secretary may allow a policy, plan of insurance, or material described in subclause
(I)to be implemented during the current reinsurance year if the Secretary finds that the policy, plan of insurance, or material will address an urgent need of producers. The finalization of a policy, plan of insurance, or material under subclause
(I)shall include making available handbooks, training materials, and other resources required for the effective sale of approved policies, plans of insurance, or materials. ; and by adding at the end the following: For purposes of determining marketability under paragraph (3)(A)(ii)(I), if a policy or plan of insurance submitted to the Board under this subsection includes a favorable marketability assessment from an approved insurance provider, not earlier than 30 days before the Board takes final action on that policy or plan of insurance, that approved insurance provider shall have an opportunity to provide to the Board an updated marketability assessment. .
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