S.Amdt. 997
What it does: Adds SEC. 110_. MARKET LOSS PILOT ENDORSEMENT PROGRAM on page 1096, between lines 15 and 16
Sen. Dianne Feinstein (D-CA)What it changes
1 change to S. 954
Adds SEC. 110_. MARKET LOSS PILOT ENDORSEMENT PROGRAM on page 1096, between lines 15 and 16
Adds a sectionPrinted pageInserted: SEC. 110_. MARKET LOSS PILOT ENDORSEMENT PROGRAM.
Inserted: Section 523 of the Federal Crop Insurance Act (7 U.S.C. 1523) is amended by adding at the end the following:
Inserted: "(i) Market Loss Pilot Endorsement Program.--
Inserted: "(1) In general.--To the extent practicable starting with the 2014 reinsurance year, notwithstanding subsection (a)(1) and the limitation on premium increases in section 508(i)(1), the Corporation shall establish and carry out a market loss pilot endorsement program for producers of specialty crops (as defined in section 3 of the Specialty Crops Competitiveness Act of 2004 (7 U.S.C. 1621 note; Public Law 108-465)).
Inserted: "(2) Losses covered.--The endorsement authorized under this subsection shall cover losses of a defined commodity due to--
Inserted: "(A) a quarantine imposed under Federal law, pursuant to the terms of which the commodity is destroyed, may not be marketed, or otherwise may not be used for its intended purpose (as determined by the Secretary); or
Inserted: "(B) a decline in the market price in response to a naturally occurring or accidental outbreak of a pathogen (as determined by the Secretary).
Inserted: "(3) Buy-up requirement.--An endorsement authorized under this subsection shall be purchased as part of a policy or plan of insurance at the additional coverage level.
Inserted: "(4) Determination by board.--The Board shall approve a policy or plan of insurance proposed under paragraph (1) if, as determined by the Board, the policy or plan of insurance--
Inserted: "(A) protects the interest of producers;
Inserted: "(B) is actuarially sound; and
Inserted: "(C) requires the payment of premiums and administrative fees by a producer obtaining the insurance.".
Original wording
On page 1096, between lines 15 and 16, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 997. Mrs. FEINSTEIN submitted an amendment intended to be proposed by her to the bill S. 954, to reauthorize agricultural programs through 2018; which was ordered to lie on the table; as follows:
On page 1096, between lines 15 and 16, insert the following:
SEC. 110_. MARKET LOSS PILOT ENDORSEMENT PROGRAM.
Section 523 of the Federal Crop Insurance Act (7 U.S.C. 1523) is amended by adding at the end the following:
“(i) Market Loss Pilot Endorsement Program.--
“(1) In general.--To the extent practicable starting with the 2014 reinsurance year, notwithstanding subsection (a)(1) and the limitation on premium increases in section 508(i)(1), the Corporation shall establish and carry out a market loss pilot endorsement program for producers of specialty crops (as defined in section 3 of the Specialty Crops Competitiveness Act of 2004 (7 U.S.C. 1621 note; Public Law 108-465)).
“(2) Losses covered.--The endorsement authorized under this subsection shall cover losses of a defined commodity due to--
“(A) a quarantine imposed under Federal law, pursuant to the terms of which the commodity is destroyed, may not be marketed, or otherwise may not be used for its intended purpose (as determined by the Secretary); or
“(B) a decline in the market price in response to a naturally occurring or accidental outbreak of a pathogen (as determined by the Secretary).
“(3) Buy-up requirement.--An endorsement authorized under this subsection shall be purchased as part of a policy or plan of insurance at the additional coverage level.
“(4) Determination by board.--The Board shall approve a policy or plan of insurance proposed under paragraph (1) if, as determined by the Board, the policy or plan of insurance--
“(A) protects the interest of producers;
“(B) is actuarially sound; and
“(C) requires the payment of premiums and administrative fees by a producer obtaining the insurance.”.
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Senate amendment submitted
May 21, 2013