ASCS YIELDS AND DOLLAR-DENOMINATED COVERAGE.

SEC. 2205. ASCS YIELDS AND DOLLAR-DENOMINATED COVERAGE. Section 508 of the Federal Crop Insurance Act (7 U.S.C. 1508(a)) is amended— (1) in subsection (a)— (A) by inserting “Authority to Offer Insurance.—(1)” after “(a)”; (B) by striking “to insure” in the first sentence, and inserting “the Corporation may insure”; (C) by striking “The Corporation” in the seventh sentence, and inserting in lieu thereof the following: “For any commodity for which the Agricultural Stabilization and Conservation Service has established for the farming unit involved an adjusted yield for the purposes of programs administered by such Service (or a yield for crop insurance purposes under the provisions of this title), and such yield is greater than the recorded or the appraised yield, as established by the Corporation, of a commodity on such farming unit, insurance coverage may be provided to cover against104 STAT. 3958 the loss in yield of the commodity on the basis of the adjusted yield for the commodity established by the Agricultural Stabilization and Conservation Service rather than the recorded or appraised yield as established by the Corporation. Such additional insurance shall be provided for an additional premium (for which no premium subsidy or administrative subsidy may be provided) set at such rate as the Board determines appropriate to reflect accurately the increased risk involved and that the Board determines actuarially sufficient to cover claims for losses on such insurance and to establish a reasonable reserve against unforeseen losses. Except as provided in the preceding two sentences, the Corporation”; and (D) by adding at the end the following new sentences: “Beginning with the 1992 crop year, the Corporation shall establish a price level for each commodity on which insurance is offered that shall not be less than the projected market price for the commodity as determined by the Board. Insurance coverage shall be made available to the producer on the basis of any price election which equals or is less than that established by the Board and the coverage shall be quoted in terms of dollars per acre.”; and (2) by striking out subsection (k).