Risk Management for the 21st Century Act

Summary

Risk Management for the 21st Century Act - Title I: Crop Insurance Coverage - Amends the Federal Crop Insurance Act to provide that the Commodity Credit Corporation, with respect to prevented planting crop insurance, shall: (1) provide equal coverage levels for all covered commodities; (2) require area-wide conditions for payment; and (3) permit (noninsurable) substitute plantings. (Sec. 102) Directs the Corporation to develop alternative rates and methodologies for rating insurance plans, which shall take into account nonparticipating producers and producers participating only in catastrophic risk protection. Grants priority to commodities with the largest acreage and the lowest percentage of participating producers. (Sec. 103) Directs the Corporation to offer optional quality adjustment policies. (Sec. 104) Directs the Office of Risk Management to rewrite catastrophic risk protection rates. (Sec. 105) Revises payment price levels (expected market price) for each insured commodity. Provides for mandatory and discretionary partial premium payments by the Corporation. (Sec. 106) Directs the Corporation to provide premium discounts for qualifying risk-reducing production practices. (Sec. 107) Directs the Corporation to assign yields with respect to: (1) farmers who have not farmed the insured crop for more than two years; (2) new land; and (3) new crops. (Sec. 108) Defines "producer that has suffered a multiyear disaster." Permits such a producer to eliminate certain years from actual production history calculation. Requires the Corporation in such circumstances to pay specified premium portions. Terminates such exclusion authority when insurance is available to cover multiple crop year disaster losses. (Sec. 109) Amends the Agricultural Market Transition Act with respect to the noninsured crop disaster assistance program to: (1) authorize combining of crop types or varieties into a single eligible crop; (2) require producers to report annually; (3) eliminate area loss requirements; (4) set forth new eligible crop provisions; and (5) establish a service fee for each eligible crop, to be used for program administrative and operating costs. Title II: Pilot Programs - Amends the Federal Crop Insurance Act to provide that: (1) the Specialty Crops Coordinator shall administer the gross revenue pilot programs for specialty crops; and (2) such programs shall be expanded to additional counties in Arizona, California, Florida, Georgia, Idaho, Maine, Michigan, New Mexico, New York, North Carolina, Oregon, Texas, and other States as the Coordinator determines. (Sec. 202) Directs the Corporation to carry out a low-risk producer pilot program. (Sec. 203) Directs the Secretary of Agriculture to carry out a revenue insurance pilot program for hog and cattle producers in specified Iowa counties. Obligates funds for such program. (Sec. 204) Directs the Secretary to carry out a pilot program for coverage of specialty crops and uninsured commodities and livestock through whole farm revenue insurance. (Sec. 205) Amends the Agricultural Market Transition Act to include hog and cattle producers in the options pilot program. (Sec. 206) Amends the Federal Crop Insurance Act to obligate funds for pilot programs (other than the revenue insurance pilot program for hog and cattle producers ). Title III: Administration - Amends the Federal Crop Insurance Act to revise the membership of the Corporation's Board of Directors. (Sec. 302) Amends the Department of Agriculture Reorganization Act of 1994 to place the Office of Risk Management under the Board. Authorizes the Office of Risk Management to enter into private and public entity partnerships to increase availability of risk management tools for specialty crop producers. Obligates funds for such activities. (Sec. 303) Amends the Federal Crop Insurance Act to direct the Secretary to establish an Office of Private Sector Partnership to provide specified Board-private sector liaison functions. Obligates funding for such activities. (Sec. 304) Increases monetary penalties for intentionally providing false insurance information. Authorizes disbarment from Department of Agriculture programs for such violations. (Sec. 306) Directs the Corporation to establish a crop insurance compliance monitoring program. (Sec. 307) Authorizes the Coordinator to make grants and enter into contracts for research and development activities for new or revised insurance policies for specialty crops. Directs the Corporation and the Coordinator to conduct a study of new insurance policies for specialty crops. (Sec. 308) Directs the Board to review insurance plans for adequacy of coverage, and recommend that the Office of Risk Management develop plans for inadequately covered commodities. (Sec. 309) Prohibits purchasing insurance for more than one crop per year on the same acreage unless the producer or the acreage has a previous history of double-cropping. (Sec. 310) Provides for State consultation concerning such policies of insurance offered in the State. (Sec. 311) Authorizes specified insurance plan fees. (Sec. 312) Requires reinsurance agreements to provide for risk sharing between the Corporation and the reinsured company. Title IV: Miscellaneous - Amends the Federal Crop Insurance Act to define "program crop" and "specialty crop."

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 September 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 September 1999

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• Introduced in Senate

  summary · EN · 13 September 1999

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