Fair Insurance Payments for Small Farmers: Subsidy Reform and Transparency
This law changes how the government compensates insurance companies for managing federal crop and livestock policies. The goal is to ensure that insurance agents are paid fairly, regardless of farm size, thereby improving access to insurance for small and new farmers. It introduces payment caps and special bonuses for servicing smaller operations while increasing public transparency regarding expenditures.
Key points
Establishes minimum and maximum limits on administrative subsidies paid to insurance agents per policyholder to reduce payment disparities between large and small farms.
Introduces a 10% bonus for agents serving small farms (under 180 acres), insuring specialty crops, or working with first-time crop insurance buyers.
Increases transparency by requiring the public release of detailed, aggregated data on subsidies paid and agent compensation, organized by state and commodity type.
Status:
Expired
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