Page:United States Statutes at Large Volume 108 Part 4.djvu/557

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PUBLIC LAW 103-354—OCT. 13, 1994 108 STAT. 3191 oflfer a plan of insurance to producers that combines both individual jdeld coverage and area yield coverage at a premium rate determined b)[ the provider under the following conditions: "(A) The individual yield coverage shall oe equal to or greater than catastrophic risk protection as described in subsection (b). "(B) The combined policy shall include area yield coverage that is offered by the Corporation or similar area coverage, as determined by the Corporation.

    • (C) The Corporation shall provide reinsurance on th3

area yield portion of the combined policy at the request of the provider, except that the provider shall agree to {)ay to the producer any portion of the area yield and OSS indemnity payment received fix)m the Corporation or a conmiercial reinsurer that exceeds the individual indemnity payment made by the provider to the producer. (D) The Corporation shall pay a part of the premium equivalent to— "(i) the amount authorized under paragraph (2) (except provisions regarding operating and administrative ejcpenses); and "(ii) the amount of operating and administrative expenses authorized by the Corporation for the area yield coverage portion of the combined policy. (E) The provider shall provide all underwriting services for the combined poUcy, including the determination of individual yield coverage premium rates, the terms and conditions of the policy, and the acceptance and classification of applicants into risk categories, subject to subparagraph (F). "(F) The Corporation shall approve the combined policy unless the Corporation determines that the policy is not actuarisdly sound or that the interests of producers are not adequately protected. "(f) ELIGIBILITY.— "(1) IN GENERAL.— To participate in catastrophic risk protection coverage under this section, a producer shall submit an application at the local office of the Department or to an approved insurance provider. "(2) SALES CLOSING DATE. — For coverage under this title, each producer shall purchase crop insurance on or before the sales closing date for the crop by providing the required information and executing the required documents. Subject to the goal of ensuring actuarial soundness for the crop insurance program, the sales closing date shall be established b^ the Corporation to maximize convenience to producers in obtaining benefits under price and production a(^ustment programs of the Department. Beginning witih the 1995 crop year, the Corporation shall establish, for an insurance policy for each insurable crop that is planted in the spring, a sales closing date that is 30 days earlier than the corresponding sEdes closing date that was established for the 1994 crop year. "(3) RECORDS AND REPORTING.—TO obtain catastrophic risk protection under subsection (b) or additional coverage under subsection (c), a producer shall— "(A) provide, to the extent required by the Corporation, records acceptable to the Corporation of historical acreage