Ensuring Access to Risk Management Act of 2024
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Summary
This bill amends the Federal Crop Insurance Act to establish a minimum reimbursement rate of 17 percent of premiums for administrative and operating expenses for crop insurance contracts covering specialty crops, and to restore annual inflation adjustments to the general reimbursement rate for administrative and operating expenses beginning in 2024. The bill ensures that reimbursements for specialty crop insurance do not fall below the higher of 17 percent or the rate otherwise applicable under the Standard Reinsurance Agreement, and that non-specialty crop contracts are not reduced as a result. Inflation adjustments are capped at the annual Consumer Price Index increase for All Urban Consumers.
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