H.R. 3698
Referred to CommitteeTo 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.
Latest Action
Referred to the Subcommittee on General Farm Commodities and Risk Management.
9/15/2017 • House
Summary
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.)
Introduced in House • 9/7/2017
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Sponsor & Cosponsors (2)
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Sponsor
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Bill Journey
Originated in the House
Introduced
September 7, 2017
Referred to the House Committee on Agriculture.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law