12 2 STA T . 21 47PUBLIC LA W 11 0– 24 6—J U NE 1 8, 2008 ‘ ‘ (i)REVI E WR E QU IRE D.— ‘‘( I )I NG ENER AL .— Acontra ct u n de r s u bp ara -g rap h (A) sha l l include a re v ie w o f the under- writing , ris k , andlosse x perience of organic crops covered b y the C orporation, as co m pared with the same crops produced in the same counties and during the same crop years using nonorganic methods. ‘‘(II) REQUIRE M EN TS .— T he review shall— ‘‘(aa) to the maximum extent practicable, be designed to allow the Corporation to deter- mine whether significant, consistent, or sys- temic variations in loss history exist between organic and nonorganic production
‘‘(bb) include the widest available range of data collected by the S ecretary and other outside sources of information; and ‘‘(cc) not be limited to loss history under existing crop insurance policies. ‘‘(ii) EF FE C T O N P REMIUM SURC H ARGE.— U nless the review under this subparagraph documents the exist- ence of significant, consistent, and systemic variations in loss history between organic and nonorganic crops, either collectively or on an individual crop basis, the Corporation shall eliminate or reduce the premium surcharge that the Corporation charges for coverage for organic crops, as determined in accordance with the results. ‘‘(iii) ANNUAL UPDATES.— B eginning with the 20 0 9 crop year, the review under this subparagraph shall be updated on an annual basis as data is accumulated by the Secretary and other sources, so that the Cor- poration may make determinations regarding ad j ust- ments to the surcharge in a timely manner as q uickly as evolving practices and data trends allow. ‘‘(C) ADDITIONAL PRICE ELECTION.— ‘‘(i) IN GENERAL.—A contract under subparagraph (A) shall include the development of a procedure, including any associated changes in policy terms or materials required for implementation of the proce- dure, to offer producers of organic crops an additional price election that reflects actual prices received by organic producers for crops from the field (including appropriate retail and wholesale prices), as established using data collected and maintained by the Secretary or from other sources. ‘‘(ii) TIMING.—The development of the procedure shall be completed in a timely manner to allow the Corporation to begin offering the additional price elec- tion for organic crops with sufficient data for the 20 1 0 crop year. ‘‘(iii) E X PANSION.—The procedure shall be expanded as quickly as practicable as additional data on prices of organic crops collected by the Secretary and other sources of information becomes available, with a goal of applying this procedure to all organic crops not later than the fifth full crop year that begins Procedu re s.
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