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S. 1773: A bill to amend the Federal Crop Insurance Act to limit the overall rate of return for crop insurance providers and remove the requirement of budget neutrality in the Standard Reinsurance Agreement.

The text of the bill below is as of Sep 7, 2017 (Introduced).

Source: GPO

II

115th CONGRESS

1st Session

S. 1773

IN THE SENATE OF THE UNITED STATES

September 7, 2017

(for himself and Mrs. Shaheen) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

To amend the Federal Crop Insurance Act to limit the overall rate of return for crop insurance providers and remove the requirement of budget neutrality in the Standard Reinsurance Agreement.

1.

Reinsurance

Section 508(k) of the Federal Crop Insurance Act (7 U.S.C. 1508(k)) is amended—

(1)

in paragraph (3)—

(A)

by striking (3) Share of risk.—The and inserting the following:

(3)

Risk

(A)

Share of risk

The

; and

(B)

by adding at the end the following:

(B)

Limitation on average rate of return

The target average rate of return for reinsured companies for the 2018 reinsurance year and each subsequent reinsurance year shall be 9.6 percent of retained premiums.

; and

(2)

in paragraph (8), by striking subparagraph (F).