Bill > S1117

This bill amends the Federal Crop Insurance Act to improve quality loss adjustment procedures for agricultural producers, primarily focusing on two key modifications. First, the bill establishes a mandatory periodic review of quality loss adjustment procedures beginning in 2025, to be conducted every five years by a qualified external contractor. These reviews must include engagement with regionally diverse industry stakeholders for each agricultural commodity and require a detailed report to be submitted to Congressional agricultural committees describing the findings, any procedural changes, and stakeholder input. Second, the bill introduces a new provision specifically for soybeans, requiring the Federal Crop Insurance Corporation to establish state or regional discount factors that reflect average quality discounts during disaster declarations or when salvage markets emerge. These discount factors will be based on local or regional market prices and must be included in the periodic reviews and subsequent reports. The goal of these changes is to make crop insurance quality loss adjustment more responsive to regional variations and stakeholder experiences, ultimately providing more accurate and fair insurance coverage for farmers.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/senate-bill/1117/all-info