Amendment103rd Congress
Amendment originally sought to reduce the premium reimbursement rate for private insurers from 31% to 30% for new policies and to 28% for renewals; reduce catastrophic insurance coverage from 60% to 56% of the market price for a crop; and impose administrative and filing fees. \ As amended by the de la Garza substitute amendment (A002), the above was replaced with language that provides that all costs of reimbursing private insurers who sell crop insurance policies would be paid from the insurance fund; makes the costs of reimbursing private crop insurers mandatory spending for three years from fiscal year 1995 through 1997; reduces the reimbursement rate to 29% in 1997 and 28% in 1998; makes minor industrial crops ineligible for the disaster payment program for non-insured crops; and requires a GAO study of the contractual relationship between the Federal Crop Insurance Corporation and private insurers.
- Amendment Number
- 818
- Description
- Amendment originally sought to reduce the premium reimbursement rate for private insurers from 31% to 30% for new policies and to 28% for renewals; reduce catastrophic insurance coverage from 60% to 56% of the market price for a crop; and impose administrative and filing fees. \ As amended by the de la Garza substitute amendment (A002), the above was replaced with language that provides that all costs of reimbursing private insurers who sell crop insurance policies would be paid from the insurance fund; makes the costs of reimbursing private crop insurers mandatory spending for three years from fiscal year 1995 through 1997; reduces the reimbursement rate to 29% in 1997 and 28% in 1998; makes minor industrial crops ineligible for the disaster payment program for non-insured crops; and requires a GAO study of the contractual relationship between the Federal Crop Insurance Corporation and private insurers.
- Purpose
- An amendment to provide that the federal costs of reimbursing private insurers for crop insurance policies be considered mandatory, not discretionary, spending. The amendment would produce estimated savings of $608 million over five years to offset the costs of reimbursement by making several substantive changes in the bill, including: reducing the premium reimbursement rate from 31% to 30% for new policies and to 28% for renewals; reduce catastrophic insurance coverage from 60% to 56% of the market price for a crop; impose a $50 administrative fee for all policies, and a $50 filing fee for farmers participating in the disaster payment program for non-insured crops.
- Congress
- 103
- Type
- HAMDT
- Latest Action Date
- Aug 5, 1994
- Latest Action Text
- On agreeing to the Penny amendment (A001) as modified and amended Agreed to by recorded vote: 401 - 1 (Roll no. 378).
- Latest Action Time
- 13:58:12
- Submitted Date
- Aug 5, 1994
- Chamber
- House of Representatives
- Update Date
- Aug 15, 2021