Sec. 11010. SUBMISSION OF POLICIES AND BOARD REVIEW AND APPROVAL
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## SEC. 11010 SUBMISSION OF POLICIES AND BOARD REVIEW AND APPROVAL ###
(a)In General Section 508(h) of the Federal Crop Insurance Act (7 U.S.C. 1508(h)) is amended— ####
(1)in paragraph (1)— #####
(A)by redesignating subparagraphs
(A)and
(B)as clauses
(i)and (ii), respectively, and indenting appropriately; #####
(B)by striking “
(1)In general.—In addition ” and inserting the following: > > #### “(1) Authority to submit > > > ##### “(A) In general > > In addition” > ; and #####
(C)by adding at the end the following: > > ##### “(B) Review and submission by corporation > > The Corporation shall review any policy developed under section 522(c) or any pilot program developed under section 523 and submit the policy or program to the Board under this subsection if the Corporation, at the sole discretion of the Corporation, finds that the policy or program— > > > ###### “(i) > > will likely result in a viable and marketable policy consistent with this subsection; > > > ###### “(ii) > > would provide crop insurance coverage in a significantly improved form; and > > > ###### “(iii) > > adequately protects the interests of producers.” > ; and ####
(2)by striking paragraph
(3)and inserting the following: > > #### “(3) Review and approval by the board > > > ##### “(A) In general > > 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 determines that— > > > ###### “(i) > > the interests of producers are adequately protected; > > > ###### “(ii) > > the proposed policy or plan of insurance will— > > > ###### “(I) > > provide a new kind of coverage that is likely to be viable and marketable; > > > ###### “(II) > > provide crop insurance coverage in a manner that addresses a clear and identifiable flaw or problem in an existing policy; or > > > ###### “(III) > > provide a new kind of coverage for a commodity that previously had no available crop insurance, or has demonstrated a low level of participation or coverage level under existing coverage; and > > > ###### “(iii) > > the proposed policy or plan of insurance will not have a significant adverse impact on the crop insurance delivery system. > > > ##### “(B) Consideration > > In approving policies or plans of insurance, the Board shall in a timely manner— > > > ###### “(i) > > first, consider policies or plans of insurance that address underserved commodities, including commodities for which there is no insurance; > > > ###### “(ii) > > second, consider existing policies or plans of insurance for which there is inadequate coverage or there exists low levels of participation; and > > > ###### “(iii) > > last, consider all policies or plans of insurance submitted to the Board that do not meet the criteria described in clause
(i)or (ii). > > > ##### “(C) Specified review and approval priorities > > In reviewing policies and other materials submitted to the Board under this subsection for approval, the Board— > > > ###### “(i) > > shall make the development and approval of a revenue policy for peanut producers a priority so that a revenue policy is available to peanut producers in time for the 2015 crop year; > > > ###### “(ii) > > shall make the development and approval of a margin coverage policy for rice producers a priority so that a margin coverage policy is available to rice producers in time for the 2015 crop year; and > > > ###### “(iii) > > may approve a submission that is made pursuant to this subsection that would, beginning with the 2015 crop year, allow producers that purchase policies in accordance with subsection (e)(5)(A) to separate enterprise units by risk rating for acreage of crops in counties.” > . ###
(b)Approval of Costs for Research and Development Section 522(b)(2) of the Federal Crop Insurance Act (7 U.S.C. 1522(b)(2)) is amended by striking subparagraph
(E)and inserting the following: > > ##### “(E) Approval > > > ###### “(i) In general > > The Board may approve up to 50 percent of the projected total research and development costs to be paid in advance to an applicant, in accordance with the procedures developed by the Board for the making of the payments, if, after consideration of the reviewer reports described in subparagraph
(D)and such other information as the Board determines appropriate, the Board determines that— > > > ###### “(I) > > the concept, in good faith, will likely result in a viable and marketable policy consistent with section 508(h); > > > ###### “(II) > > at the sole discretion of the Board, the concept, if developed into a policy and approved by the Board, would provide crop insurance coverage— > > > ###### “(aa) > > in a significantly improved form; > > > ###### “(bb) > > to a crop or region not traditionally served by the Federal crop insurance program; or > > > ###### “(cc) > > in a form that addresses a recognized flaw or problem in the program; > > > ###### “(III) > > the applicant agrees to provide such reports as the Corporation determines are necessary to monitor the development effort; > > > ###### “(IV) > > the proposed budget and timetable are reasonable, as determined by the Board; and > > > ###### “(V) > > the concept proposal meets any other requirements that the Board determines appropriate. > > > ###### “(ii) Waiver > > The Board may waive the 50-percent limitation and, upon request of the submitter after the submitter has begun research and development activities, the Board may approve an additional 25 percent advance payment to the submitter for research and development costs, if, at the sole discretion of the Board, the Board determines that— > > > ###### “(I) > > the intended policy or plan of insurance developed by the submitter will provide coverage for a region or crop that is underserved by the Federal crop insurance program, including specialty crops; and > > > ###### “(II) > > the submitter is making satisfactory progress towards developing a viable and marketable policy or plan of insurance consistent with section 508(h).” > .
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