Page:United States Statutes at Large Volume 122.djvu/1409

 12 2 STA T . 1 386PUBLIC LA W 11 0– 23 4—M A Y 22, 2008 withago a l o f a p pl y i n g thi s p r o cedu re to all organic crops not later than the fifth full crop year that b egins after the date of enact m ent of F ood ,C onser v ation, and E nergy A ct of 20 0 8.‘ ‘ (D)REPORTING RE QU IRE M ENT S . — ‘‘(i) I N GENER AL .— T he Corporation shall submit to the Committee on Agriculture of the H ouse of Rep - resentatives and the Committee on Agriculture, N utri- tion, and Forestry of the S enate an annual report on progress made in developing and improving Federal crop insurance for organic crops, including— ‘‘(I) the numbers and varieties of organic crops insured ‘‘(II) the development of new insurance approaches; and ‘‘(III) the progress of implementing the initia- tives re q uired under this paragraph, including the rate at which additional price elections are adopted for organic crops. ‘‘(ii) RE C OMMEN D ATIONS.—The report shall include such recommendations as the Corporation considers appropriate to improve Federal crop insurance cov- erage for organic crops. ‘‘( 1 1) ENERG Y CROP INSURANCE POLICY.— ‘‘(A) DE F INITION OF DEDICATED ENERGY CROP.—In this subsection, the term ‘dedicated energy crop ’ means an annual or perennial crop that— ‘‘(i) is grown e x pressly for the purpose of producing a feedstoc k for renewable biofuel, renewable electricity, or biobased products; and ‘‘(ii) is not typically used for food, feed, or fiber. ‘‘( B ) AUT H ORITY.—The Corporation shall offer to enter into 1 or more contracts with qualified entities to carry out research and development regarding a policy to insure dedicated energy crops. ‘‘(C) RESEARCH AND DE V ELOPMENT.—Research and development described in subparagraph (B) shall evaluate the effectiveness of risk management tools for the produc- tion of dedicated energy crops, including policies and plans of insurance that— ‘‘(i) are based on market prices and yields; ‘‘(ii) to the extent that insufficient data exist to develop a policy based on market prices and yields, evaluate the policies and plans of insurance based on the use of weather or rainfall indices to protect the interests of crop producers; and ‘‘(iii) provide protection for production or revenue losses, or both. ‘‘(12) AQUACULTURE INSURANCE POLICY.— ‘‘(A) DEFINITION OF AQUACULTURE.—In this subsection

‘‘(i) IN GENERAL.—The term ‘aquaculture’ means the propagation and rearing of aquatic species in con- trolled or selected environments, including shellfish cultivation on grants or leased bottom and ocean ranching. ‘‘(ii) E X CLUSION.—The term ‘aquaculture’ does not include the private ocean ranching of P acific salmon

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