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The AFFIRM Act of 2024 amends the Federal Crop Insurance Act to reduce federal spending on crop insurance through several mechanisms. It requires annual public disclosure of crop insurance premium subsidies and payments by recipient and by private insurance provider. The bill imposes income and per-person limits on federal premium subsidies, prohibits subsidies for harvest price policies, caps the rate of return for crop insurance providers at 8.9 percent, and caps total reimbursements for administrative and operating expenses at $900 million annually (adjusted for inflation thereafter).
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