Federal Crop Insurance Act of 1980

Summary

Federal Crop Insurance Act of 1979 - Amends the Federal Crop Insurance Act to increase the capital stock of the Federal Crop Insurance Corporation from $200,000,000 to $500,000,000. Directs the Secretary of the Treasury to cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on the date of enactment of this Act. Requires the Secretary of Agriculture to appoint three active farmers, who are not otherwise employed by the Federal Government, to the Corporation's Board of Directors. Increases the maximum compensation of Board members not otherwise employed by the Government to no greater than the daily rate for GS-18. Removes State court jurisdiction and grants exclusive jurisdiction to Federal district courts of all suits brought by or against the Corporation, and states that all suits against the Corporation shall be tried by the court without a jury. Authorizes the Board of Directors to contract with private companies in the administration of the Federal crop insurance program. Eliminates the limitation of reinsurance to 20 selected counties. Requires the Corporation to offer lesser levels of yield coverage than the standard 75 percent coverage, at the producer's option. States that any insurance so offered shall make available coverage (per unit of production insured) equal, as close as feasible, to the highest of the: (1) target price of the commodity involved; (2) the loan rate for it under a Federal price support program; or (3) the projected market price. Excludes from coverage losses due to failure of a producer to reseed to an approved substitute crop in areas where it is customary to so reseed. Requires the Federal Government to pay 20 percent of each producer's calculated premium. Repeals: (1) the authority of the Secretary to appoint advisory committees; and (2) the requirement that the Corporation post a list of indemnities paid for farm losses at each county courthouse. Authorizes the Corporation to: (1) reinsure private insurance companies, groups or pools of such companies, or governmental entities that insure producers of any agricultural commodity under an acceptable contract (with the Federal Government paying 20 percent of every premium so reinsured); and (2) offer specific risk protection programs including prevented planting, wildlife depredation, tree damage and disease, and insect infestation. Requires insurance on yields of timber and forests to include appreciation (including interest charges) as an insurable cost of production in calculating indemnities and premiums. Grants the Corporation discretionary emergency borrowing authority. Amends the Food and Agriculture Act of 1977 to extend to the 1980 and 1981 crops of wheat, feed grains, upland cotton, and rice the farm and prevented planting disaster payment programs. Denies eligibility for such payments to anyone in any county in which federal crop insurance is generally offered for the agricultural commodity concerned.

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Documents

6 official files

• Public Law (PDF)

  Public Law · EN · 27 September 1980

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• Conference report filed in House

  summary · EN · 28 August 1980

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• Passed House amended

  summary · EN · 13 February 1980

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• Passed Senate amended

  summary · EN · 10 September 1979

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• Reported to Senate with amendment(s)

  summary · EN · 20 July 1979

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• Introduced in Senate

  summary · EN · 14 May 1979

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