Page:United States Statutes at Large Volume 112 Part 1.djvu/610

 112 STAT. 684 PUBLIC LAW 105-185-JUNE 23, 1998 Deadline. Reports. Deadline. (1) improvement of crop insurance service to agricultural producers; (2) options for transforming the role of the Federal Government from a crop insurance provider to solely that of a crop insurance regulator; and (3) privatization of crop insurance coverage. (b) CONTRACTOR.—Not later than 180 days after the date the contract is entered into, the contractor shall complete the study and submit a report on the study, including appropriate recommendations, to the Secretary. (c) REPORT. — Not later than 30 days after the date the Secretary receives the report, the Secretary shall submit the report, and £Uiy comments on the report, to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate. 7 USC 1506 note. SEC. 536. REQUIRED TERMS AND CONDITIONS OF STANDARD REINSURANCE AGREEMENTS. (a) DEFINITIONS.—In this section, the terms "approved insurance provider" and "Corporation" have the meanings given the terms in section 502(b) of the Federal Crop Insurance Act (7 U.S.C. 1502(b)). (b) TERMS AND CONDITIONS.— (1) INCORPORATION OF AMENDMENTS.—For each of the 1999 and subsequent reinsurance years, the Corporation shall ensxire that each Standsird Reinsurance Agreement between an approved insurance provider and the Corporation reflects the amendments to the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) that are made by this subtitle to the extent the amendments are applicable to approved insurance providers. (2) RETENTION OF EXISTING PROVISIONS. —Except to the extent necessary to implement the simendments made by this subtitle, each Stsindard Reinsurance Agreement described in paragraph (1) shall contain the following provisions of the Standard Reinsurance Agreement for the 1998 reinsurance year: (A) Section II, concerning the terms of reinsurance and underwriting gain and loss for an approved insurance provider. (B) Section III, concerning the terms for subsidies and administrative fees for an approved insurance provider. (C) Section IV, concerning the terms for loss adjustment for an approved insurance provider under catastrophic risk protection, (D) Section V.C., concerning interest payments between the Corporation and an approved insurance provider. (E) Section V.I.5., concerning liquidated damages. (c) IMPLEMENTATION.— To implement this subtitle and the amendments made by this subtitle, the Corporation is not required to amend provisions of the Standard Reinsurance Agreement not specifically affected by this subtitle or an amendment made by this subtitle. 7 USC 1506 note. SEC. 537. EFFECTIVE DATE. Except as provided in section 535, this subtitle and the amendments made by this subtitle take effect on July 1, 1998.

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