A bill to amend the Federal Crop Insurance Act to prohibit the paying of premium subsidies on policies based on the actual market price of an agricultural commodity at the time of harvest.

Bill: 114-s-463
Sponsor: full_name: Sen. Flake, Jeff [R-AZ]
Introduced: 2015-02-11
Policy area: Agriculture and Food
Subjects: Agricultural insurance

Agricultural prices, subsidies, credit
Latest action: action_date: 2015-02-11
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2015-02-11
action_desc: Introduced in Senate
text: <p>This bill amends the Federal Crop Insurance Act to prohibit the Federal Crop Insurance Corporation from paying a premium subsidy for a crop insurance policy that is based on the actual market price of an agricultural commodity at the time of harvest. </p>

tv_txt: II 114th CONGRESS 1st Session S. 463 IN THE SENATE OF THE UNITED STATES February 11, 2015 Mr. Flake (for himself and Mrs. Shaheen ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Federal Crop Insurance Act to prohibit the paying of premium subsidies on policies based on the actual market price of an agricultural commodity at the time of harvest.

1. Prohibition on premium subsidy for harvest price policies Section 508(e) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(e) ) is amended by adding at the end the following: (9) Prohibition on premium subsidy for harvest price policies Notwithstanding any other provision of law and beginning with the 2016 reinsurance year, the Corporation may not pay any amount of premium subsidy in the case of a policy or plan of insurance that is based on the actual market price of an agricultural commodity at the time of harvest. .