Page:United States Statutes at Large Volume 108 Part 4.djvu/560

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108 STAT. 3194 PUBLIC LAW 103-354—OCT. 13, 1994 Federal Register, publication. "(C) The Board shall provide an applicant with notification of intent to disapprove a proposal not later than 30 days prior to making the disapproval. An applicant that receives the notification may modify the apphcation of the applicant. Any modification shall be considered an original apphcation for purposes of tiiis paragraph. "(D) Specinc guideUnes shall prescribe the timing of submission of proposals under this subsection and timely consideration by me Board so that any approved proposal may be made available to all persons reinsured by the Corporation in a manner permitting the persons to participate, if the persons so desire, in offering such a proposal m the first crop year in which the proposal is approved by the Board for reinsurance, premium subsidy, or other support offered by tiiis title. "(5) REQUIRED PUBLICATION. —Any policy, provision of a poUcy, or rate approved under this subsection shall be published as a notice in the Federal Register and made available to all persons contracting with or reinsured by the Corporation under the terms and conditions of the contract between the Corporation and the person originally submitting the poHcy or other material. " (6) PILOT COST OF PRODUCTION RISK PROTECTION PLAN. — "(A) IN GENERAL.— The Corporation shall offer, to the extent practicable, a cost of production risk protection plan of insurance that indemnifies producers (including new producers) for insurable losses as provided in this paragraph. "(B) PILOT BASIS.— The cost of production risk protection plan shall— "(i) be established as a pilot project for each of the 1996 and 1997 crop years; and "(ii) be carried out in a number of counties that is determined by the Corporation to be adequate to provide a comprehensive evaluation of the feasibility, effectiveness, and demand among producers for the plan.

  • (C) INSURABLE LOSS.— An insurable loss shall be

incurred by a producer if the gross income of the producer (as determinea by the Corporation) is less than an amount determined by the Corporation, as a result of a reduction in yield or price resulting fix)m an insured cause. "(D) DEFINITION OF NEW PRODUCER.—As used in this paragraph, the term *new producer* means a person that has not been actively engaged in farming for a share of the production of the insured crop for more tiian 2 crop years, as determined by the Secretary. "(7) ADDITIONAL PREVENTED PLANTING POLICY COVERAGE. — " (A) IN GENERAL.—Beginning witii the 1995 crop year, the Corporation shall offer to producers additional prevented planting coverage that insures producers against losses in accordance with this paragraph. "(B) APPROVED INSURANCE PROVIDERS. — Additional prevented planting coverage shall be offered by the Corporation through approved insurance providers. "(C) TIMING OF LOSS. —A crop loss shall be covered by the additional prevented planting coverage if—