A bill to provide risk education assistance to agricultural producers, and for other purposes.
Bases payments on historical or assigned yields, commodity prices, and a payment rate determined by the Secretary.
Sets forth administrative and operating provisions. Terminates the program as of September 30, 2004.
Title II: Crop Insurance - Amends the Federal Crop Insurance Act to revise crop insurance program compliance and penalty provisions. Subjects: (1) insurance agents, adjusters, and providers to specified civil money penalties and program suspensions for intentionally providing false information or failing to comply with specified standards; and (2) producers to such sanctions for intentionally providing false information.
(Sec. 202) Directs the Federal Crop Insurance Corporation to develop loss adjustment oversight procedures.
(Sec. 203) Extends the revenue insurance pilot program.
(Sec. 204) Provides for the reduction of underwriting gains and losses from catastrophic risk protection.
(Sec. 205) Directs the Corporation to conduct a whole farm revenue insurance pilot program under which commodity or livestock producers may obtain insurance for a guaranteed revenue level. Sets forth program provisions.
(Sec. 206) Directs the Corporation to establish a pilot program to encourage approved insurance providers to develop innovative risk management products with competitive rate premiums. Sets forth program provisions.
(Sec. 207) Prohibits insurance purchases for more than one crop for the same acreage during a crop year unless there is an established area history of double-cropping.
Title III: Regulations - Sets forth implementing provisions.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S11645-11647)
Read twice and referred to the Committee on Agriculture.
Committee on Agriculture. Hearings held.
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