Bill > HR442

This bill modifies the Federal Crop Insurance Act to improve quality loss adjustment procedures for agricultural producers. Beginning in 2025, the Federal Crop Insurance Corporation will be required to conduct a comprehensive review of its quality loss adjustment procedures every five years, contracting with a qualified independent expert to complete this review within one year. The bill mandates that these reviews must include engagement from regionally diverse industry stakeholders representing different agricultural commodities. After each review, the Corporation must submit a detailed report to Congressional agricultural committees describing their findings, any procedural changes, and the stakeholder engagement process. Additionally, the bill introduces a new provision specifically addressing soybeans, requiring the Corporation to establish State or regional discount factors that reflect local market price quality discounts in the event of a disaster declaration or the emergence of a salvage market. These discount factors must be included in the periodic reviews and accompanying reports, providing more nuanced and localized assessment of crop quality and value in different regions. By implementing these changes, the bill aims to create a more responsive and transparent system for crop insurance quality loss adjustments.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/442/all-info