12 2 STA T . 21 36PUBLIC LA W 11 0– 2 4 6 —J U NE 1 8, 2008 (b)REP E AL.—Section748 o f t h e Agr ic ul ture , Rur a l D e v elo p-m ent, F oo d and Drug Admini s tration, and Related Agencies Appro- priations Act, 19 99 (7 U .S. C . 1 50 8 note
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ublic L a w 105 –2 77) is repealed. SEC.120 0 7 . TIM E FORPAY ME N T. Section 508 of the Federal Crop I nsurance Act (7 U.S.C. 1508) is amended— (1) in subsection (b)(5)(C), b y stri k ing ‘ ‘the date that pre- mium ’ ’ and inserting ‘‘the same date on which the premium’’; (2) in subsection (c)(10), by adding at the end the following
‘‘(C) TIM E FOR PA Y ME NT .—Subsection (b)(5)(C) shall apply with respect to the collection date for the administra- tive fee.’’; and ( 3 ) in subsection (d), by adding at the end the following: ‘‘(4) B ILLIN GD ATE FOR PREMI U M S .— E ffective beginning with the 2012 reinsurance year, the Corporation shall establish August 15 as the billing date for premiums.’’. SEC. 1200 8 . CATASTROP H IC CO V ERA G E REIM BU RSEMENT RATE. Section 508(b)(11) of the Federal Crop Insurance Act (7 U.S.C. 1508(b)(11)) is amended by striking ‘‘8 percent’’ and inserting ‘‘ 6 percent’’. SEC. 1200 9 . GRAIN SORGHUM PRICE E L ECTION. Section 508(c)(5) of the Federal Crop Insurance Act (7 U.S.C. 1508(c)(5)) is amended by adding at the end the following: ‘‘(D) G RAIN SORG H UM PRI C E ELECTION.— ‘‘(i) IN GENERAL.—The Corporation, in con j unction with the Secretary (referred to in this subparagraph as the ‘Corporation’), shall— ‘‘(I) not later than 60 days after the date of enactment of this subparagraph, make available all methods and data, including data from the Economic Research Service, used by the Corpora- tion to develop the e x pected market prices for grain sorghum under the production and revenue-based plans of insurance of the Corporation; and ‘‘(II) re q uest applicable data from the grain sorghum industry. ‘‘(ii) E X PERT RE V IE W ERS.— ‘‘(I) IN GENERAL.— N ot later than 120 days after the date of enactment of this subparagraph, the Corporation shall contract individually with 5 expert reviewers described in subclause (II) to develop and recommend a methodology for deter- mining an expected market price for sorghum for both the production and revenue-based plans of insurance to more accurately reflect the actual price at harvest. ‘‘(II) RE Q UIREMENTS.—The expert reviewers under subclause (I) shall be comprised of agricul- tural economists with experience in grain sorghum and corn markets, of whom— ‘‘(aa) 2 shall be agricultural economists of institutions of higher education; ‘‘(bb) 2 shall be economists from within the Department; and Contrac t s.De a dli nes.
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