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.

Summary

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.)

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Timeline

1. 7 September 2017

   Introduced

   Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

   Source: IntroReferral

2. 7 September 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 7 September 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 7 September 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 7 September 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 7 September 2017

  Open at official source

Sponsors

• Sen. Flake, Jeff [R-AZ] · R · Sponsor
• Jeanne Shaheen · D · Sponsor
• · ssaf00 · Standing

Related records

• related to ← 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.