S.1666 - Farmers' Risk Management Act of 1999106th Congress (1999-2000)
Summary: S.1666 — 106th Congress (1999-2000)
Farmers' Risk Management Act of 1999 - Title I: Risk Management Payments - Directs the Secretary of Agriculture to offer to enter into risk management contracts with crop insurance-eligible producers for crop years 2001 through 2004 who agree to use at least two risk management practices, including: (1) obtaining crop insurance; (2) entering into a future or option commodity contract; (3) crop diversification; (4) obtaining an agricultural trade option; and (5) farm debt reduction.
Introduced in Senate (09/29/1999)
Bases payments on historical or assigned yields, commodity prices, and a payment rate determined by the Secretary.
Sets forth administrative and operating provisions. Terminates the program as of September 30, 2004.
Title II: Crop Insurance - Amends the Federal Crop Insurance Act to revise crop insurance program compliance and penalty provisions. Subjects: (1) insurance agents, adjusters, and providers to specified civil money penalties and program suspensions for intentionally providing false information or failing to comply with specified standards; and (2) producers to such sanctions for intentionally providing false information.
(Sec. 202) Directs the Federal Crop Insurance Corporation to develop loss adjustment oversight procedures.
(Sec. 203) Extends the revenue insurance pilot program.
(Sec. 204) Provides for the reduction of underwriting gains and losses from catastrophic risk protection.
(Sec. 205) Directs the Corporation to conduct a whole farm revenue insurance pilot program under which commodity or livestock producers may obtain insurance for a guaranteed revenue level. Sets forth program provisions.
(Sec. 206) Directs the Corporation to establish a pilot program to encourage approved insurance providers to develop innovative risk management products with competitive rate premiums. Sets forth program provisions.
(Sec. 207) Prohibits insurance purchases for more than one crop for the same acreage during a crop year unless there is an established area history of double-cropping.
Title III: Regulations - Sets forth implementing provisions.