A bill to amend the Federal Crop Insurance Act, and for other purposes.

Amends the Federal Crop Insurance Act to raise the amount of the capital stock of the Federal Crop Insurance Corporation (FCIC) to $400,000,000. Increases the maximum compensation of members of the FCIC Advisory Committee and of members of the Board of Directors who are not otherwise employed by the Government to no greater than the daily rate for GS-18. Requires the Secretary of Agriculture to appoint three active farmers, not otherwise employed by the Government, to the Board of Directors. Eliminates county crop insurance committees and associations of producers from the administration of the insurance program.

Makes insurance available to producers of agricultural commodities wherever grown commercially for crops planted for harvest and other agricultural production (including grain sorghum, livestock, and poultry commercially produced for food or fiber) initiated in 1981 through 1985. Limits the coverage of such insurance to the cost of production for the producer for the commodity insured (currently, not more than 75 percent of the average yield for a representative period of years).

Authorizes insurance against losses incurred when flooding prevents the planting of a crop. Provides for a 33 1/3 percent Federal subsidy of each participant's premium. Requires the offer of additional reinsurance on multiple peril crop insurance risks.

Removes the $12,000,000 limitation on appropriations authorized for fiscal year 1981 and subsequent fiscal years. Identifies in the United States Treasury a separate revolving fund of $5,000,000 for the Corporation's use in covering Federal premium payments. Grants the Corporation discretionary borrowing authority, but limits the maximum outstanding amount of notes or other obligations to $500,000,000.

Limits eligibility for production loss disaster payments to indemnification payments under the Federal crop insurance program, in any county where such insurance is available.

Requires the Corporation to undertake an information program for farmers concerning the Federal crop insurance program. Authorizes the appropriation of a minimum of $5,000,000 annually for fiscal years 1980 and 1981 for such program. Authorizes the use of the mails, broadcasting facilities, and counseling services for such program, but prohibits sales promotion activity in any form.

Directs the Corporation to perform studies assessing the feasibility of: (1) insuring the risk of production loss due to prevention of planting caused by natural disaster other than flooding; and (2) individual risk underwriting under the Federal crop insurance program.

Requires the Secretary to initiate, not later than October 1, 1983, a complete evaluation of the Federal crop insurance program, and to report his findings and recommendations to the President and Congress by September 30, 1984.