Page:United States Statutes at Large Volume 108 Part 4.djvu/553

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.


PUBLIC LAW 103-354—OCT. 13, 1994 108 STAT. 3187 costs of procedures governing applications for, processing, and servicing of the plan for all pEuties involved.

    • (B) QmER PLANS. — To the extent that the policies

and procedures developed under subparagraph (A) may be applied to other plsms of insurance offered under this title without jeopardizing the actuarial soundness or integrity of the crop insurance program, the Corporation shall apply the policies and procedures to the other plans of insurance within a reasonable period of time (as determined by the Corporation) after the effective date of this paragraph. "(c) GENERAL COVERAGE LEVELS. — " (1) ADDITIONAL COVERAGE GENERALLY. — "(A) IN GENERAL.—The Corporation shall offer to producers of agricultural commodities grown in the United States plsms of crop insurance that provide additional coverage. "(B) PURCHASE. —To be eligible for additional coverage, a producer must apply to an approved insurance provider for ptuxhase of adcfitional coverage if the coverage is available fix)m an approved insurance provider. If additional coverage is unavailable privately, the Corporation may offer additional coverage plans of insurance directiy to producers. " (2) TRANSFER OF RELEVANT INFORMATION. —If a producer has already applied for catastrophic risk protection at the local office of tihe Department and elects to purchase additional coverage, the relevant information for the crop of the producer shall be trsmsferred to the approved insurance provider servicing the additional coverage crop policy. "(3) YIELD AND LOSS BASIS. —A producer shall have the option of purchasing additional coverage based on an individual yield and loss basis or on an area yield and loss basis, if both options are offered by the Corporation. "(4) LEVEL OF COVERAGE. —The level of coverage shall be doUar denominated and may be purchased at any level not to exceed 85 percent of the individual yield or 95 percent of the area jdeld (as determined by the Corporation). Not later than the beginning of the 1996 crop year, the Corporation shall provide producers with information on catastrophic risk and additional coverage in terms of dollar coverage (within the allowable limits of coverage provided in this paragraph). "(5) PRICE LEVEL. — The Corporation shall establish a price level for each conmiodity on which insurance is offered that— "(A) shall not be less than the projected market price for the commodity (as determined by the Corporation); or "(B) at the discretion of the Corporation, may be based on the actual market price at the time of harvest (as determined by the Corporation). " (6) PRICE ELECTIONS.— "(A) IN GENERAL.— Subject to subparagraph (B), insurance coverage shall be made available to a producer on the basis of any price election that equals or is less than the price election established by the Corporation. The coverage shall be quoted in terms of dollars per acre.