Page:United States Statutes at Large Volume 108 Part 4.djvu/554

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108 STAT. 3188 PUBLIC LAW 103-354—OCT. 13, 1994 "(B) MINIMUM PRICE ELECTIONS. —The Corporation may establish minimum price elections below wluch levels of instu'ance shall not be offered. "(C) WHEAT CLASSES AND MALTING BARLEY.— The Corporation shall, as the Corporation determines practicable, offer producers different price elections for classes of wheat and malting barley (including contract prices in the case of malting barley), in addition to the standard price election, that reflect different market prices, as determined by the Corporation. The Corporation shall, as the Corporation determines practicable, offer additional coverage for each class determined under this subpsiragraph and charge a premium for each class that is actuarially soimd. "(7) FIRE AND HAIL COVERAGE.—For levels of additional coverage equal to 65 percent or more of the recorded or appraised average yield indemnified at 100 percent of the expected market price, or an equivalent coverage, a producer may elect to delete from the additional coverage any coverage against damage caused by fire and hail if the producer obtains an equivalent or greater doUar amount of coverage for damage caused by fire and hail from an approved insurance provider. On written notice of the election to the company issuing the poUcy providing additional coverage and submission of evidence of substitute coverage on the commodity insured, the premium of the producer shall be reduced by an amount determined by the Corporation to be actuarially appropriate, tsiking into account the actuarial value of the remaining coverage provided by the Corporation. In no event shall the producer be given credit for an amount of premium determined to be greater than the actuarial value of the protection against losses caused by fire and hail that is included in the additional coverage for the crop. "(8) STATE PREMIUM SUBSIDIES. — The Corporation may enter into an agreement witii any State or agency of a State under which the State or agency may pay to the approved insurance provider sin additional premium subsidy to further reduce the portion of the premimn paid by producers in the State. "(9) LIMITATIONS ON ADDITIONAL covERAGE.The Board may limit the availabihty of additional coverage under this subsection in any county or area, or on any farm, on the basis of the insurance risk involved. The Board shall not offer additional coverage equal to less than 50 percent of the recorded or appraised average yield indenmified at 100 percent of the expected market price, or an equivalent coverage. " (10) ADMINISTRATIVE FEE. — "(A) FEE REQUIRED. —Except as otherwise provided in this paragraph, if a producer elects to purchase additional coverage for a crop at a level that is less than 65 percent of the recorded or appraised average j^eld indemnified at 100 percent of the expected market price, or an equivalent coverage, the producer shall pay an administrative fee for the additional coverage. Subsection (b)(5) shall apply in determining the amount and use of the administrative fee or in determining whether to waive the administrative fee.