REVIEW AND ADJUSTMENT IN RATING METHODOLOGIES.

SEC. 106. REVIEW AND ADJUSTMENT IN RATING METHODOLOGIES. Section 508(i) of the Federal Crop Insurance Act (7 U.S.C. 1508(i)) is amended— (1) by striking “The Corporation” and inserting the following: “(1) In general.—The Corporation”; and (2) by adding at the end the following: “(2) Review of rating methodologies.—To maximize participation in the Federal crop insurance program and to ensure equity for producers, the Corporation shall periodically review the methodologies employed for rating plans of insurance under this title consistent with section 507(c)(2). “(3) Analysis of rating and loss history.—The Corporation shall analyze the rating and loss history of approved policies and plans of insurance for agricultural commodities by area. “(4) Premium adjustment.—If the Corporation makes a determination that premium rates are excessive for an agricultural commodity in an area relative to the requirements of subsection (d)(2) for that area, then, for the 2002 crop year (and as necessary thereafter), the Corporation shall make 114 STAT. 368 appropriate adjustments in the premium rates for that area for that agricultural commodity.”.