Bill > S4353

This bill, the Quality Loss Adjustment Improvement for Farmers Act, amends the Federal Crop Insurance Act to modify a provision relating to quality loss adjustment coverage. The key provisions include: 1) Requiring the Federal Crop Insurance Corporation to conduct a review of its quality loss adjustment procedures every 5 years, starting in 2024, and submit a report to Congress on the findings, changes, and stakeholder engagement. 2) Directing the Corporation to establish state or regional discount factors for soybeans to reflect average quality discounts applied to local or regional market prices in the event of a covered disaster declaration or the occurrence of a salvage market. These discount factors must be included in the periodic review and report. The bill aims to improve the quality loss adjustment coverage provided to farmers through the federal crop insurance program.