Page:United States Statutes at Large Volume 122.djvu/1401

 12 2 STA T . 1 378PUBLIC LA W 11 0– 23 4—M A Y 22, 2008 ‘ ‘ (i i )theamoun t d ete r mined under s u b se c tion (d)( 2 )( B )(ii) f or the co v era g e l evel selected to cover o p er - ating and administrative e x penses . ‘‘( C ) I n the case of additional area coverage e q ual to or greater than 90 percent , of the recorded count y yield indemnified at not greater than 1 00 percent of the expected mar k et price, the amount shall be equal to the sum of — ‘‘(i) 5 1 percent of the amount of the premium estab- lished under subsection (d)(2)(B)(i) for the coverage level selected and ‘‘(ii) the amount determined under subsection (d)(2)(B)(ii) for the coverage level selected to cover oper- ating and administrative expenses. ’ ’. SEC.120 1 3 . D E NIALOF CLAI M S. S ection 50 8 ( j )(2)( A ) of the F ederal Crop Insurance Act ( 7U .S.C. 1508(j)(2)(A)) is amended by inserting ‘‘on behalf of the Corporation’’ after ‘‘approved provider’’. SEC. 1201 4 . SE T TLEMENT OF C R O P INS U RANCE CLAIMS ON FARM - STORED PRODUCTION. (a) I NGE NE RAL .—Section 508(j) of the Federal Crop Insurance Act (7 U.S.C. 1508(j)) is amended by adding at the end the follo w ing

‘‘(5) SE T TLE M ENT OFC LA I M S ON FARM-STORE DP ROD U C- TION.—A producer with farm-stored production may, at the option of the producer, delay settlement of a crop insurance claim relating to the farm-stored production for up to 4 months after the last date on which claims may be submitted under the policy of insurance.’’. (b) STUD Y ONT H E E FFICACY OF P AC K FACTORS.— (1) IN G ENERAL.— T he Secretary shall conduct a study of the efficacy and accuracy of the application of pack factors regarding the measurement of farm-stored production for pur- poses of providing policies or plans of insurance under the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.). (2) CONSIDERATIONS.—The study shall consider— (A) structural shape and si z e; (B) time in storage; (C) the impact of facility aeration systems; and ( D ) any other factors the Secretary considers appro- priate. ( 3 ) R EPORT.— N ot later than 3 years after the date of enact- ment of this Act, the Secretary shall submit to the Committee on Agriculture of the H ouse of Representatives and the Com- mittee on Agriculture, Nutrition, and Forestry of the Senate a report that includes the findings of the study and any related policy recommendations. SEC. 1201 5 . TIME FOR REIM B URSEMENT. Section 508(k)(4) of the Federal Crop Insurance Act (7 U.S.C. 1508(k)(4)) is amended by adding at the end the following: ‘‘(D) TIME FOR REIM B URSEMENT.—Effective beginning with the 2012 reinsurance year, the Corporation shall reimburse approved insurance providers and agents for the allowable administrative and operating costs of the providers and agents as soon as practicable after O ctober 1 (but not later than October 31) after the reinsurance year for which reimbursements are earned.’’.

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