7 USC 1508c – Peanut revenue crop insurance
(a) In general
Effective beginning with the 2015 crop year, the Risk Management Agency and the Corporation shall make available to producers of peanuts a revenue crop insurance program for peanuts.
(b) Effective price
Terms Used In 7 USC 1508c
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Federal Crop Insurance Corporation established under section 1503 of this title. See 7 USC 1502
- Secretary: means the Secretary of Agriculture. See 7 USC 1502
Subject to subsection (c), for purposes of the revenue crop insurance program and the multiperil crop insurance program under this subchapter, the effective price for peanuts shall be equal to the Rotterdam price index for peanuts or other appropriate price as determined by the Secretary, as adjusted to reflect the farmer stock price of peanuts in the United States.
(c) Adjustments
(1) In general
The effective price for peanuts established under subsection (b) may be adjusted by the Risk Management Agency and the Corporation to correct distortions.
(2) Administration
If an adjustment is made under paragraph (1), the Risk Management Agency and the Corporation shall—
(A) make the adjustment in an open and transparent manner; and
(B) submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that describes the reasons for the adjustment.