118 S3253 IS: Temperature Endorsement for Multiperil Policies Act of 2023 U.S. Senate 2023-11-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
II118th CONGRESS1st SessionS. 3253IN THE SENATE OF THE UNITED STATESNovember 8, 2023Mr. Rubio introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and ForestryA BILLTo amend the Federal Crop Insurance Act to require research and development on frost or cold weather insurance, and for other purposes.
1.
Short title
This Act may be cited as the Temperature Endorsement for Multiperil Policies Act of 2023 or the TEMP Act of 2023.
2.
Research and development on frost or cold weather insurance
Section 522(c) of the Federal Crop Insurance Act (7 U.S.C. 1522(c)) is amended by adding at the end the following:(20)
Frost or cold weather insurance
(A)
In general
The Corporation shall carry out research and development, or offer to enter into 1 or more contracts with 1 or more qualified persons to carry out research and development, regarding an index-based policy to insure crops (including tomatoes, peppers, sugarcane, strawberries, melons, citrus, peaches, blueberries, and any other crop) on a nationally available basis against losses due to a frost or cold weather event.(B)
Research and development
Research and development under subparagraph (A) shall—(i)evaluate the effectiveness of risk management tools, such as the use of an index, with respect to low frequency and catastrophic loss weather events; and(ii)result in a policy that provides protection for at least 1 of the following:(I)Production loss.(II)Revenue loss.(C)
Report
Not later than 1 year after the date of enactment of this paragraph, the Corporation shall submit to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives a report that describes—(i)the results of the research and development carried out under this paragraph; and(ii)any recommendations with respect to those results..