United States · Amendment · HAMDT

HAMDT 818 (103rd)

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.