AFFIRM Act

Summary

Assisting Family Farmers through Insurance Reform Measures Act or the AFFIRM Act This bill amends the Federal Crop Insurance Act to require the Department of Agriculture (USDA) to reduce federal crop insurance payments and disclose details regarding subsidies. The bill prohibits premium subsidies: (1) for additional coverage for any person or legal entity that has an average adjusted gross income that exceeds $250,000, (2) that exceed $40,000 per year for any person or legal entity, or (3) for policies that are based on the actual market price of an agricultural commodity at the time of harvest. The bill establishes an annual cap on total reimbursements for administrative and operating costs of crop insurance providers that begins at $900 million for 2015 and is adjusted for inflation in each subsequent year. The overall rate of return for insurance providers is capped at 8.9%. The bill eliminates a requirement that any renegotiated Standard Insurance Agreement (SRA) be budget-neutral. (The SRA is an agreement between 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.) USDA must annually disclose to the public specified details regarding the recipients and amounts of federal crop insurance subsidies.

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Timeline

1. 5 November 2015

   Introduced

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

   Source: IntroReferral

2. 5 November 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 5 November 2015 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 November 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 November 2015

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 5 November 2015

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

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

Related records

• related to → AFFIRM Act
• related to → Harvest Price Subsidy Reduction Act
• related to → 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.