Page:United States Statutes at Large Volume 114 Part 1.djvu/422

 114 STAT. 386 PUBLIC LAW 106-224 -^JUNE 20, 2000 "(D) require the payment of premiums and administrative fees by an insured producer. " (d) PREMIUM RATE REDUCTION PILOT PROGRAM.— "(1) PURPOSE.— The purpose of the pilot program established under this subsection is to determine whether approved insurance providers will compete to market policies or plsins of insurance with reduced rates of premium, in a manner that maintains the financial soundness of approved insurance providers and is consistent with the integrity of the Federal crop insurance program. " (2) ESTABLISHMENT. — " (A) IN GENERAL.—Beginning with the 2002 crop year, the Corporation shall establish a pilot program under which approved insurance providers may propose for approval by the Board policies or plans of insurance with reduced rates of premium— "(i) for one or more agricultural commodities; and "(ii) within a limited geographic area, as proposed by the approved insurance provider and approved by the Board. "(B) DETERMINATION BY BOARD.—The Board shall approve a policy or plan of insurance proposed under this subsection that involves a premium reduction if the Board determines that— "(i) the interests of producers are adequately protected within the pilot area; "(ii) rates of premium are actuarially appropriate, as determined by the Board; "(iii) the size of the proposed pilot area is adequate; "(iv) the proposed policy or plan of insurance would not unfairly discriminate among producers within the proposed pilot area; "(v) if the proposed policy or plan of insurance were available in a geographic area larger than the proposed pilot area, the proposed policy or plan of insurance would— "(I) not have a significant adverse impact on the crop insurance delivery system; "(II) not result in a reduction of program integrity; "(III) be actuarially appropriate; and "(IV) not place an additional financial burden on the Federal Government; and "(vi) the proposed policy or plan of insurance meets other requirements of this title determined appropriate by the Board. "(C) TIME LIMITATIONS AND PROCEDURES.—The time limitations and procedures of the Board established under section 508(h) shall apply to a proposal submitted under this subsection.". (b) CONFORMING AMENDMENTS.— Section 518 of the Federal Crop Insureince Act (7 U.S.C. 1518) is amended— (1) by striking "livestock and" after "commodity, excluding"; and (2) by striking "under subsection (a) or (m) of section 508 of this title".

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