Crop Insurance Reforms: Transparency and Subsidy Limits
This legal act changes how federal crop insurance works. It aims to increase transparency in public spending and introduce limits on subsidies for certain farmers and insurance companies. Citizens will gain access to information on who receives subsidies and how much, as well as the profits of insurance companies.
Key points
Public Disclosure: The government will annually publish who received crop insurance subsidies, how much money they received, and how much in indemnities was paid out. Insurance companies' profits from this program will also be disclosed.
Income Limits for Subsidies: Individuals or entities with an average adjusted gross income over $250,000 will not receive subsidies for additional crop coverage. A $125,000 per person/entity annual subsidy limit is also introduced.
No Subsidies for Harvest Price Policies: Subsidies will no longer be provided for insurance policies based on the actual market price of agricultural commodities on the harvest date.
Active Participation Requirement: Subsidies will not be paid to producers who are not actively engaged in personal labor or management of the farming operation (minimum hours of work/management are defined).
Limits for Insurance Providers: A cap on the rate of return for crop insurance providers and a cap on reimbursements for administrative and operating expenses are introduced.
Expired
Citizen Poll