Crop Insurance for Future Farmers Act of 2023

Crop Insurance for Future Farmers Act of 2023

This bill amends the federal crop insurance program (FCIP) to increase the premium assistance rate for beginning and veteran farmers or ranchers.

Specifically, the bill amends the amount of percentage points that are added to the premium assistance rate for beginning and veteran farmers or ranchers for an applicable insurance policy or plan (currently 10 percentage points) to provide

• 15 percentage points in each of the 1st and 2nd reinsurance years,
• 13 percentage points in the 3rd year,
• 11 percentage points in the 4th year, and
• 10 percentage points in each of the 5th through the 10th reinsurance years.

The bill also amends the FCIP definition of beginning farmer or rancher to include a farmer or rancher who has not actively operated and managed a farm or ranch for more than 10 crop years (currently more than 5 crop years).