Bill > S231

This bill amends the Federal Crop Insurance Act to direct the Federal Crop Insurance Corporation (FCIC) to conduct research and development on a new single index insurance policy designed to help farmers protect against agricultural income losses caused by various severe weather conditions. The proposed policy would cover all 50 states, U.S. territories, and tribal lands, and would insure against losses from weather events like high winds, drought, excessive moisture, extreme heat, wildfires, hail, and other severe growing conditions. The policy would allow farmers to adjust their coverage levels in 5% increments, up to 150% of the median county-level adjusted gross income, with a requirement that farmers have at least three different covered crops to qualify for the maximum buy-up option. The bill prioritizes features such as quick payment (within a certain number of days after a weather event), seasonal coverage periods, and special consideration for small farms and underserved producers with less than $350,000 in adjusted gross income. The FCIC is required to hold stakeholder meetings, consult with actuaries, and submit a public report within one year detailing the research results, challenges encountered, and potential policy recommendations.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/senate-bill/231/all-info