A bill to amend the Federal Crop Insurance Act to limit the overall rate of return for crop insurance providers and remove the requirement of budget neutrality in the Standard Reinsurance Agreement.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Sep 7, 2017)
This bill amends the Federal Crop Insurance Act to modify the requirements for the federal crop insurance program. The bill: (1) limits the average rate of return for reinsured companies for the 2018 reinsurance year and each subsequent reinsurance year to 9.6% of retained premiums, and (2) eliminates the requirement that any renegotiated Standard Insurance Agreement (SRA) be budget-neutral.
(The SRA is an agreement between the Department of Agriculture [USDA] and the private companies that administer the federal crop insurance program that specifies details such as administrative and operating expense reimbursements and risk sharing. Eliminating the budget neutrality requirement permits USDA to use the renegotiation of the SRA to achieve savings.)
What just happenedSep 7, 2017
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Who’s behind it
- Introduced in SenateSep 7, 2017
- Sep 7, 2017IntroReferral
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Agriculture, Nutrition, and Forestry Committee - Sep 7, 2017IntroReferral10000
Introduced in Senate