Sec. 11012. BUDGET LIMITATIONS ON RENEGOTIATION OF THE STANDARD REINSURANCE AGREEMENT
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## SEC. 11012 BUDGET LIMITATIONS ON RENEGOTIATION OF THE STANDARD REINSURANCE AGREEMENT Section 508(k)(8) of the Federal Crop Insurance Act (7 U.S.C. 1508(k)(8)) is amended by adding at the end the following: > > ##### “(F) Budget > > > ###### “(i) In general > > The Board shall ensure that any Standard Reinsurance Agreement negotiated under subparagraph (A)(ii) shall— > > > ###### “(I) > > to the maximum extent practicable, be estimated as budget neutral with respect to the total amount of payments described in paragraph
(9)as compared to the total amount of such payments estimated to be made under the immediately preceding Standard Reinsurance Agreement if that Agreement were extended over the same period of time; > > > ###### “(II) > > comply with the applicable provisions of this Act establishing the rates of reimbursement for administrative and operating costs for approved insurance providers and agents, except that, to the maximum extent practicable, the estimated total amount of reimbursement for those costs shall not be less than the total amount of the payments to be made under the immediately preceding Standard Reinsurance Agreement if that Agreement were extended over the same period of time, as estimated on the date of enactment of the Agricultural Act of 2014; and > > > ###### “(III) > > in no event significantly depart from budget neutrality unless otherwise required by this Act. > > > ###### “(ii) Use of savings > > To the extent that any budget savings are realized in the renegotiation of a Standard Reinsurance Agreement under subparagraph (A)(ii), and the savings are determined not to be a significant departure from budget neutrality under clause (i), the savings shall be used to increase reimbursements or payments described under paragraphs
(4)and (9).” > .
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Sec. 11012
BUDGET LIMITATIONS ON RENEGOTIATION OF THE STANDARD REINSURANCE AGREEMENT
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