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.)
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2017-09-15 | Committee | Referred to the Subcommittee on General Farm Commodities and Risk Management. | House committee actions |
| 2017-09-07 | IntroReferral | Referred to the House Committee on Agriculture. | House floor actions |
| 2017-09-07 | IntroReferral | Introduced in House | Library of Congress |