§ 1508c - Peanut revenue crop insurance

CHAPTER 36— CROP INSURANCE › SUBCHAPTER I— FEDERAL CROP INSURANCE

(a) 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) 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)(1) The effective price for peanuts established under subsection (b) may be adjusted by the Risk Management Agency and the Corporation to correct distortions.

(c)(2) If an adjustment is made under paragraph (1), the Risk Management Agency and the Corporation shall—

(c)(2)(A) make the adjustment in an open and transparent manner; and

(c)(2)(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.