Crop Insurance Restoration Act

Bill: 114-hr-3845
Sponsor: full_name: Rep. Young, David [R-IA-3]
Introduced: 2015-10-28
Policy area: Agriculture and Food
Subjects: Agricultural insurance
Latest action: action_date: 2015-12-01
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.

Summaries:
action_date: 2015-10-28
action_desc: Introduced in House
text: <p><b>Crop Insurance Restoration Act </b></p> <p>This bill amends the Federal Crop Insurance Act to repeal changes regarding the Standard Reinsurance Agreement that were enacted as part of the Bipartisan Budget Act of 2015. </p> <p>The bill eliminates provisions that: (1) require the Department of Agriculture (USDA) to renegotiate the Standard Reinsurance Agreement no later than December 31, 2016, and at least once every five years thereafter, and (2) establish an 8.9% cap on the overall rate of return for insurance providers under the agreement. </p> <p>(The Standard Reinsurance Agreement is an agreement between USDA and the private companies that administer the federal crop insurance program. It specifies details such as administrative and operating expense reimbursements and risk sharing between USDA and the companies in the operation of the program.) </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3845 IN THE HOUSE OF REPRESENTATIVES October 28, 2015 Mr. Young of Iowa introduced the following bill; which was referred to the Committee on Agriculture A BILL To amend the Federal Crop Insurance Act to repeal the changes regarding the Standard Reinsurance Agreement enacted as part of the Bipartisan Budget Act of 2015.

1. Short title This Act may be cited as the Crop Insurance Restoration Act . 2. Standard Reinsurance Agreement Section 508(k)(8) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(k)(8) ), as amended by section 201 of the Bipartisan Budget Act of 2015, is further amended— (1) in subparagraph (A), by striking shall renegotiate and all that follows through the end of clause (ii) and inserting may renegotiate the financial terms and conditions of each Standard Reinsurance Agreement once during each period of 5 reinsurance years after the 2015 reinsurance year. ; (2) in subparagraphs (C) and (F), by striking subparagraph (A)(ii) each place it appears and inserting subparagraph (A) ; and (3) by striking subparagraph (E).