To require the Federal Crop Insurance Corporation to revise the terms of the Standard Reinsurance Agreement and the Livestock Price Reinsurance Agreement, and for other purposes.
About This Bill
Committee
Latest Action · August 24, 2023
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
This bill requires the federal government to renegotiate how it pays insurance companies and crop insurance agents for administering crop insurance policies, with the goal of making the system fairer for smaller farms. Currently, larger farms often receive higher subsidies simply because they have bigger operations, and the bill would change this by setting minimum and maximum subsidy amounts and tying payments instead to how complex it is to issue a policy, such as the number of crops being insured. The legislation adds bonus payments of ten percent for small farms under 180 acres, farms growing specialty crops that lack specific insurance options, and first-time crop insurance buyers. The bill requires the Department of Agriculture to publish annual data about how these subsidies are distributed across states and farm types while protecting individual farmer privacy, and it directs the government to study whether the changes are working as intended. The Government Accountability Office is also required to deliver a report within one year analyzing the overall federal crop insurance program and recommending potential reforms.
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