Ensuring Access to Risk Management Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8055 Introduced in House (IH)]

<DOC>






118th CONGRESS
  2d Session
                                H. R. 8055

To amend the Federal Crop Insurance Act to establish a minimum rate of 
reimbursement for administrative and operating expenses with respect to 
 crop insurance contracts covering specialty crops and to restore the 
 annual inflation adjustment with respect to the general reimbursement 
            rate for administrative and operating expenses.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 17, 2024

 Mr. Austin Scott of Georgia (for himself, Mr. Mann, and Mr. Panetta) 
 introduced the following bill; which was referred to the Committee on 
                              Agriculture

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Crop Insurance Act to establish a minimum rate of 
reimbursement for administrative and operating expenses with respect to 
 crop insurance contracts covering specialty crops and to restore the 
 annual inflation adjustment with respect to the general reimbursement 
            rate for administrative and operating expenses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Ensuring Access to Risk Management 
Act of 2024''.

SEC. 2. REIMBURSEMENT FOR ADMINISTRATIVE AND OPERATING EXPENSES WITH 
              RESPECT TO SPECIALTY CROPS CONTRACTS.

    Section 508(k) of the Federal Crop Insurance Act (7 U.S.C. 1508(k)) 
is amended by adding at the end of the following:
            ``(10) Specialty crops.--
                    ``(A) Minimum reimbursement.--Beginning with the 
                2022 reinsurance year and for each reinsurance year 
                thereafter, the rate of reimbursement to approved 
                insurance providers and agents for administrative and 
                operating expenses with respect to crop insurance 
                contracts covering agricultural commodities described 
                in section 101 of title I of the Specialty Crops 
                Competitiveness Act of 2004 (7 U.S.C. 1621 note) shall 
                be equal to or greater than the percent that is the 
                greater of the following:
                            ``(i) 17 percent of the premium used to 
                        define loss ratio.
                            ``(ii) The percent of the premium used to 
                        define loss ratio that is otherwise applicable 
                        for the reinsurance year under the terms of the 
                        Standard Reinsurance Agreement in effect for 
                        the reinsurance year.
                    ``(B) Other contracts.--In carrying out 
                subparagraph (A), the Corporation shall not reduce, 
                with respect to any reinsurance year, the amount or the 
                rate of reimbursement to approved insurance providers 
                and agents under the Standard Reinsurance Agreement 
                described in clause (ii) of such subparagraph for 
                administrative and operating expenses with respect to 
                contracts covering agricultural commodities that are 
                not subject to such subparagraph as compared to what 
                the amount or the rate of such reimbursement would be 
                had this paragraph not been enacted.
                    ``(C) Administration.--The requirements of this 
                paragraph and the adjustments made pursuant to this 
                paragraph shall not be considered a renegotiation under 
                paragraph (8)(A).
            ``(11) Adjustment.--
                    ``(A) In general.--Beginning with the 2024 
                reinsurance year and for each reinsurance year 
                thereafter, the Corporation shall increase the total 
                administrative and operating expense reimbursements 
                otherwise required under the Standard Reinsurance 
                Agreement described in paragraph (10)(A)(ii) in order 
                to account for inflation in a manner that is consistent 
                with the increases provided with respect to the 2011 
                through 2015 reinsurance years under the enclosure, 
                included in the Risk Management Agency's Bulletin, MGR-
                10-007, dated June 30, 2010.
                    ``(B) Administration.--The increase described in 
                subparagraph (A) shall--
                            ``(i) apply with respect to all contracts 
                        covering agricultural commodities that were 
                        subject to an increase during the period of the 
                        2011 through 2015 reinsurance years under the 
                        enclosure described in such subparagraph;
                            ``(ii) not be considered a renegotiation 
                        under paragraph (8); and
                            ``(iii) from one reinsurance year to an 
                        immediately following reinsurance year, not 
                        exceed the applicable annual percentage 
                        increase in the Consumer Price Index for All 
                        Urban Consumers.''.
                                 <all>