REVIEW OF POLICIES. ENSURING ACTUARIAL SOUNDNESS, AND INFORMATION COLLECTION.

SEC. 2204. REVIEW OF POLICIES. ENSURING ACTUARIAL SOUNDNESS, AND INFORMATION COLLECTION. (a) In General.— Section 508 of the Federal Crop Insurance Act (7 U.S.C. 1508) is amended— (1) by redesignating subsections (b) through (j) as subsections (e) through (m), respectively; (2) by inserting after subsection (a) the following new subsections: “(b) Submission of Policies and Materials to Board.— “(1) In general.— In addition to any standard forms or policies that the Board may require be made available to producers under subsection (a) persons may prepare for submission to the Board— “(A) other crop insurance policies and provisions of policies; and “(B) rates of premiums for multiple peril crop insurance pertaining to wheat, soybeans, field corn and any other crops determined by the Secretary. “(2) Preparation of policies.— A policy or other material submitted to the Board under this subsection may be prepared without regard to the limitations contained in this title, including the requirements concerning the levels of coverage and104 STAT. 3956 rates, the use of Agricultural Stabilization and Conservation Service adjusted yields, and the requirement that a price level for each commodity insured must equal the projected market price for the commodity as established by the Board. Policies that establish insurance coverage based on alternative factors of loss such as the average loss rate for the area from a condition common to the area may be approved under this section. Such policy may only be subsidized at an amount equivalent to that which is authorized in this title. “(3) Review and approval by the Board.— A policy or other material submitted to the Board under this subsection shall be reviewed by the Board and, if the Board finds that the interests of producers are adequately protected and that any premiums charged to such producers are actuarially appropriate, shall be approved by the Board for reinsurance and for sale to producers as an additional choice at actuarially appropriate rates and under appropriate terms and conditions taking into consideration the risks covered by the policy or other material. The Corporation may enter into more than one reinsurance agreement simultaneously to facilitate the offering of such new policies. Proposals made to the Board under this paragraph shall be considered as confidential commercial or financial information for purposes of section 552(b)(4) of title V, United States Code, until approved or disapproved by the Board. The Board shall provide an applicant with notification of intent to disapprove a proposal not later than 30 days prior to taking such action. An applicant so notified may modify such application and such modification shall be considered an extension of the original application. “(4) Required publication.— Any policies, provisions of policies, and rates approved under this subsection shall be published and made available to all persons contracting with or reinsured by the Corporation in the same manner as the Corporation’s standard policies of insurance are published and made available. “(c) Actuarial Soundness.— Not later than 180 days after the date of enactment of this subsection, the Corporation shall compile and make available, by region and by crop, the rates that would be necessary to achieve actuarial soundness. “(d) Adoption of Rates and Coverages.— The Corporation shall adopt, as soon as practicable, rates and coverages that will improve the actuarial soundness of the insurance operations of the Corporation for those crops that are determined to be insured at rates that are not actuarially sound, except that no rate may be increased by an amount of more than 20 percent over the comparable rate of the preceding crop year.”; and (3) by adding at the end the following new subsection: “(n) Information Collection on Crop Insurance.— “(1) In general.— The Corporation shall provide to the Secretary of Agriculture— “(A) current and complete information on all aspects of Federal crop insurance for distribution to producers through local offices of the Department of Agriculture; and “(B) a listing of agents for agent referral to producers through local offices of the Department of Agriculture. “(2) Use of information.— The Secretary shall utilize the information provided under paragraph (1) to educate State104 STAT. 3957 executive directors of the Agricultural Stabilization and Conservation Service concerning such information to enable such directors to convey such information to local offices for distribution to local producers.”. (b) Conforming and Stylistic Amendments.— Such section is further amended— (1) by striking the section heading and all that follows through “authorized and empowered—” and inserting the following: “SEC. 508. CROP INSURANCE.”; (2) in subsection (e) (as redesignated by subsection (a)(1)), by striking “(1) To” and inserting “Premiums.—(1) The Corporation may”; (3) in subsection (g) (as redesignated by subsection (a)(1))— (A) by striking “In” and inserting “Special Rule for Cotton.—In”; and (B) by striking “to include” and inserting “the Corporation may include”; (4) in subsection (i) (as redesignated by subsection (a)(1)), by striking “To provide” and inserting “Application to Other Areas.—The Corporation may provide”; (5) in subsection (j) (as redesignated by subsection (a)(1)), by striking “To offer” and inserting “Optional Coverages.—The Corporation may offer”; (6) in subsection (k) (as redesignated by subsection (a)(1)), by striking “To include” and inserting “Special Rule for Timber and Forests.—The Corporation may include”; (7) in subsection (1) (as redesignated by subsection (a)(1))— (A) by striking “To conduct” and inserting “Research.—The Corporation may conduct”; and (B) by striking the second and third sentences; and (8) by striking subsection (m) (as redesignated by subsection (a)(1)) and inserting the following new subsection: “(m) Crop Insurance for Dry Edible Beans.— The Corporation shall make available to producers of different types of dry edible beans crop insurance that meets the differentiated needs of such producers.”.