Crop Insurance for the 21st Century Act

TABLE OF CONTENTS:

Title I: Crop Insurance Coverage

Title II: Federal Crop Insurance Corporation and Risk

Management Agency

Crop Insurance for the 21st Century Act - Title I: Crop Insurance Coverage - Amends the Federal Crop Insurance Act to specify expected market price criteria for revenue or production-based insurance.

Provides for 75 percent additional coverage.

Revises Federal Crop Insurance Corporation premium subsidy provisions, including making provision for certain mandatory and discretionary payments.

(Sec. 102) Provides average production history adjustments for: (1) new producers; (2) producers who are working new land or rotating crops; or (3) producers suffering from multiyear disaster losses.

(Sec. 104) Authorizes the Corporation to pay a part of the premiums for specified additional coverage.

(Sec. 105) Directs the Office of Risk Management to contract for a rating methodologies development pilot program.

(Sec. 106) Includes livestock within crop insurance coverage.

Title II: Federal Crop Insurance Corporation and Risk Management Agency - Amends the Federal Crop Insurance Act to revise the membership of the Corporation's Board of Directors.

(Sec. 202) Amends the Department of Agriculture Reorganization Act of 1994 to place the Office of Risk Management under the direction of the Board.

(Sec. 203) Amends the Federal Crop Insurance Act to direct the Secretary of Agriculture to establish an Office of Private Sector Partnership to provide specified Board-private sector liaison functions

(Sec. 204) Directs the Board to review approved providers' insurance plans for commodity coverage adequacy, including development of insurance plans where appropriate.

(Sec. 205) Authorizes specified insurance plan fees.

(Sec. 206) Directs the Corporation to carry out a flexible subsidy pilot program to encourage private sector innovation through exclusive marketing rights and premium rate competition.