PREMIUM SCHEDULE FOR OTHER PLANS OF INSURANCE.

SEC. 102. PREMIUM SCHEDULE FOR OTHER PLANS OF INSURANCE. (a) Premium Schedule.—Section 508(h) of the Federal Crop Insurance Act (7 U.S.C. 1508(h)) is amended— (1) in paragraph (2), by striking the second sentence; and (2) by striking paragraph (5) and inserting the following: “(5) Premium schedule.— “(A) Payment by corporation.—In the case of a policy or plan of insurance developed and approved under this subsection or section 522, or conducted under section 523 (other than a policy or plan of insurance applicable to livestock), the Corporation shall pay a portion of the premium of the policy or plan of insurance that is equal to— “(i) the percentage, specified in subsection (e) for a similar level of coverage, of the total amount of the premium used to define loss ratio; and “(ii) an amount for administrative and operating expenses determined in accordance with subsection (k)(4). “(B) Transitional schedule.—Effective only during the 2001 reinsurance year, in the case of a policy or plan of insurance developed and approved under this subsection or section 522, or conducted under section 523 (other than a policy or plan of insurance applicable to livestock), and first approved by the Board after the date of the enactment of this subparagraph, the payment by the Corporation of 114 STAT. 364 a portion of the premium of the policy may not exceed the dollar amount that would otherwise be authorized under subsection (e) (consistent with subsection (c)(5), as in effect on the day before the date of the enactment of this subparagraph).”. (b) Reimbursement Rate.—Section 508(k)(4) of the Federal Crop Insurance Act (7 U.S.C. 1508(k)(4)) is amended by adding at the end the following: “(C) Other reductions.—Beginning with the 2002 reinsurance year, in the case of a policy or plan of insurance approved by the Board that was not reinsured during the 1998 reinsurance year but, had it been reinsured, would have received a reduced rate of reimbursement during the 1998 reinsurance year, the rate of reimbursement for administrative and operating costs established for the policy or plan of insurance shall take into account the factors used to determine the rate of reimbursement for administrative and operating costs during the 1998 reinsurance year, including the expected difference in premium and actual administrative and operating costs of the policy or plan of insurance relative to an individual yield policy or plan of insurance and other appropriate factors, as determined by the Corporation.”.