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A bill to reform the Federal Crop Insurance Act and reduce Federal spending on crop insurance.

USA115th CongressS-1025| Senate 
| Updated: 5/3/2017
Jeff Flake

Jeff Flake

Republican Senator

Arizona

Cosponsors (1)
Jeanne Shaheen (Democratic)

Agriculture, Nutrition, and Forestry Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Assisting Family Farmers through Insurance Reform Measures Act or the AFFIRM Act This bill amends the Federal Crop Insurance Act to require the Department of Agriculture (USDA) to reduce federal crop insurance payments and disclose details regarding subsidies. The bill prohibits premium subsidies: (1) for additional coverage for any person or legal entity that has an average adjusted gross income that is greater than $250,000, (2) that exceed $40,000 per year for any person or legal entity, or (3) for policies that are based on the actual market price of an agricultural commodity at the time of harvest. The bill establishes an annual cap on total reimbursements for administrative and operating costs of crop insurance providers that begins at $900 million for 2018 and is adjusted for inflation in each subsequent year. The average rate of return for insurance providers is limited to 8.9% of retained premiums. The bill eliminates a requirement that any renegotiated Standard Insurance Agreement (SRA) be budget-neutral. (The SRA is an agreement between USDA and the private companies that administer the federal crop insurance program that specifies details such as administrative and operating expense reimbursements and risk sharing. Eliminating the budget neutrality requirement permits USDA to use the renegotiation of the SRA to achieve savings.) USDA must annually disclose to the public specified details regarding the recipients and amounts of federal crop insurance subsidies.
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Timeline
May 3, 2017
Introduced in Senate
May 3, 2017
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
May 19, 2017

Latest Companion Bill Action

HR 115-2332
Referred to the Subcommittee on General Farm Commodities and Risk Management.
  • May 3, 2017
    Introduced in Senate


  • May 3, 2017
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.


  • May 19, 2017

    Latest Companion Bill Action

    HR 115-2332
    Referred to the Subcommittee on General Farm Commodities and Risk Management.

Agriculture and Food

Related Bills

  • HR 115-2332: To reform the Federal Crop Insurance Act and reduce Federal spending on crop insurance.
Agricultural insuranceAgricultural prices, subsidies, credit

A bill to reform the Federal Crop Insurance Act and reduce Federal spending on crop insurance.

USA115th CongressS-1025| Senate 
| Updated: 5/3/2017
Assisting Family Farmers through Insurance Reform Measures Act or the AFFIRM Act This bill amends the Federal Crop Insurance Act to require the Department of Agriculture (USDA) to reduce federal crop insurance payments and disclose details regarding subsidies. The bill prohibits premium subsidies: (1) for additional coverage for any person or legal entity that has an average adjusted gross income that is greater than $250,000, (2) that exceed $40,000 per year for any person or legal entity, or (3) for policies that are based on the actual market price of an agricultural commodity at the time of harvest. The bill establishes an annual cap on total reimbursements for administrative and operating costs of crop insurance providers that begins at $900 million for 2018 and is adjusted for inflation in each subsequent year. The average rate of return for insurance providers is limited to 8.9% of retained premiums. The bill eliminates a requirement that any renegotiated Standard Insurance Agreement (SRA) be budget-neutral. (The SRA is an agreement between USDA and the private companies that administer the federal crop insurance program that specifies details such as administrative and operating expense reimbursements and risk sharing. Eliminating the budget neutrality requirement permits USDA to use the renegotiation of the SRA to achieve savings.) USDA must annually disclose to the public specified details regarding the recipients and amounts of federal crop insurance subsidies.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 3, 2017
Introduced in Senate
May 3, 2017
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
May 19, 2017

Latest Companion Bill Action

HR 115-2332
Referred to the Subcommittee on General Farm Commodities and Risk Management.
  • May 3, 2017
    Introduced in Senate


  • May 3, 2017
    Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.


  • May 19, 2017

    Latest Companion Bill Action

    HR 115-2332
    Referred to the Subcommittee on General Farm Commodities and Risk Management.
Jeff Flake

Jeff Flake

Republican Senator

Arizona

Cosponsors (1)
Jeanne Shaheen (Democratic)

Agriculture, Nutrition, and Forestry Committee

Agriculture and Food

Related Bills

  • HR 115-2332: To reform the Federal Crop Insurance Act and reduce Federal spending on crop insurance.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Agricultural insuranceAgricultural prices, subsidies, credit