UNIFORM CLAIMS ADJUSTMENT AND REINSURANCE AGREEMENTS.

SEC. 2203. UNIFORM CLAIMS ADJUSTMENT AND REINSURANCE AGREEMENTS. (a) Claims Adjustment.— Section 508(c) of the Federal Crop Insurance Act (7 U.S.C. 1508(c)) is amended— (1) by striking “To adjust and pay claims for losses” in the first sentence and inserting “Claims for Losses.—The Corporation may adjust and pay claims for losses as provided under subsection (a)”; and (2) by inserting after the first sentence the following new sentence: “The rules prescribed by the Board shall establish standards to ensure that all claims for losses are adjusted to the extent practicable in a uniform and timely manner.”. (b) Reinsurance Agreements.— Section 508(e) of the Federal Crop Insurance Act (7 U.S.C. 1508(e)) is amended— (1) by striking “And” and inserting “Reinsurance.—The Corporation is”; and (2) by adding at the end the following new sentence: “Beginning with the 1992 reinsurance year (July 1, 1991 through June 30, 1992), the Corporation shall revise its reinsurance agreements with the reinsured companies so as to require the reinsured companies to bear an increased share of any potential loss under such agreement, taking into consideration the financial conditions of the reinsured companies and the availability of private reinsurance.”.