Page:United States Statutes at Large Volume 122.djvu/2164

 12 2 STA T . 21 4 1 PUBLIC LA W 11 0– 24 6—J U NE 1 8, 2008 (2)byad d ing a t t he end the fol lo w ing

‘( E ) REIMBURS EME NT R A TE RE D U C TI O N .—I n the c a s e ofa p olicy of additional co v e r age that received a rate of rei m b u rsement for administrative and operating costs for the 2 0 0 8 reinsurance year , for each of the 200 9 and subse -q uent reinsurance years, the reimbursement rate for administrative and operating costs shall be 2. 3 percentage points below the rates in effect as of the date of enactment of the F ood, C onservation, and Energy A ct of 2008 for all crop insurance policies used to define loss ratio, e x cept that only 1⁄2 of the reduction shall apply in a reinsurance year to the total premium written in a S tate in which the State loss ratio is greater than 1 .2. ‘‘(F) REIMBURSEMENT RATE F OR AREA P O L ICIES AND PLANS OF INSURANCE.— N otwithstanding subparagraphs (A) through (E), for each of the 2009 and subsequent reinsur- ance years, the reimbursement rate for area policies and plans of insurance widely available as of the date of enact- ment of this subparagraph shall be 12 percent of the pre- mium used to define loss ratio for that reinsurance year. ’ ’. SEC.120 1 7 . R E N E GOTIA TION O F STAN D ARD REINS U RANCE AGREE -M ENT. Section 5 08( k ) of the Federal Crop Insurance Act ( 7U .S.C. 1508(k)) is amended by adding at the end the following: ‘‘(8) RENE G OTIATION OF STANDARD REINSURANCE AGREE- MENT.— ‘‘(A) IN GENERAL.—Except as provided in subparagraph ( B ), notwithstanding section 53 6 of the Agricultural Research, Extension, and Education Reform Act of 1998 (7 U.S.C. 1506 note ublic L aw 105 – 185) and section 1 4 8 of the Agricultural Risk Protection Act of 2000 (7 U.S.C. 1506 note; Public Law 106–224), the Corporation may renegotiate the financial terms and conditions of each Standard Reinsurance Agreement— ‘‘(i) to be effective for the 2011 reinsurance year beginning J uly 1, 2010; and ‘‘(ii) once during each period of 5 reinsurance years thereafter. ‘‘(B) E X CEPTIONS.— ‘‘(i) AD V ERSE CIRCUMSTANCES.—Sub j ect to clause (ii), subparagraph (A) shall not apply in any case in which the approved insurance providers, as a whole, experience unexpected adverse circumstances, as deter- mined by the Secretary. ‘‘(ii) EFFECT OF FEDERAL LA W C H ANGES.—If Federal law is enacted after the date of enactment of this paragraph that requires revisions in the financial terms of the Standard Reinsurance Agreement, and changes in the Agreement are made on a mandatory basis by the Corporation, the changes shall not be considered to be a renegotiation of the Agreement for purposes of subparagraph (A). ‘‘(C) NOTIFICATION RE Q UIREMENT.—If the Corporation renegotiates a Standard Reinsurance Agreement under subparagraph (A)(iii), the Corporation shall notify the Com- mittee on Agriculture of the H ouse of Representatives and Timep e r i od.Ef fe ct i v ed a te.
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