12 2 STA T . 21 45PUBLIC LA W 11 0– 24 6—J U NE 1 8, 2008 ofthep o licy o n p r o du cer sa nd the crop insurance deli v ery syste m;‘ ‘ ( iv ) a summary of data sources availa b le to dem - onstrate that the policy can reasonably be developed and actuarially appropriate rates established; and ‘‘(v) an identification of the ris k s the proposed policy w ill cover and an e x planation of how the identi- fied risks are insurable under this title . ‘‘( D ) REVI E W . — ‘‘(i) EXP E RTS .— I fthere q uirements of subpara- g raph ( B )and( C ) are met , the Board may submit a concept proposal described in subparagraph (C) to not less than 2 independent expert reviewers, whose services are appropriate for the type of concept proposal submitted, to assess the likelihood that the proposed policy being developed will result in a viable and marketable policy, as determined by the Board. ‘‘(ii) T I M I NG .—The time frames described in sub- paragraphs (C) and (D) of section 508 (h)( 4 ) shall apply to the review of concept proposals under this subpara- graph. ‘‘(E) A PPR O V AL .—The Board may approve up to 50 per- cent of the pro j ected total research and development costs to be paid in advance to an applicant, in accordance with the procedures developed by the Board for the making of such payments, if, after consideration of the reviewer reports described in subparagraph (D) and such other information as the Board determines appropriate, the Board determines that— ‘‘(i) the concept, in good faith, will likely result in a viable and marketable policy consistent with sec- tion 508(h); ‘‘(ii) in the sole opinion of the Board, the concept, if developed into a policy and approved by the Board, would provide crop insurance coverage— ‘‘(I) in a significantly improved form; ‘‘(II) to a crop or region not traditionally served by the F ederal crop insurance program; or ‘‘(III) in a form that addresses a recogni z ed flaw or problem in the program; ‘‘(iii) the applicant agrees to provide such reports as the Corporation determines are necessary to monitor the development effort; ‘‘(iv) the proposed budget and timetable are reason- able; and ‘‘(v) the concept proposal meets any other require- ments that the Board determines appropriate. ‘‘(F) SUB MISSION O F POLI CY .—If the Board approves an advanced payment under subparagraph (E), the Board shall establish a date by which the applicant shall present a submission in compliance with section 508(h) (including the procedures implemented under that section) to the Board for approval. ‘‘( G ) FINAL PAYMENT.— ‘‘(i) APPROVE D POLICIES.—If a policy is submitted under subparagraph (F) and approved by the Board under section 508(h) and the procedures established
�
