View all text of Subchapter I [§ 1501 - § 1524]
§ 1502. Purpose; definitions; protection of information; relation to other laws
(a) Purpose
(b) Definitions
As used in this subchapter:
(1) Additional coverage
(2) Approved insurance provider
(3) Beginning farmer or rancher
(4) Board
(5) Corporation
(6) Cover crop termination
(7) Department
(8) Farm financial benchmarking
The term “farm financial benchmarking” means—
(A) the process of comparing the performance of an agricultural enterprise against the performance of other similar enterprises, through the use of comparable and reliable data, in order to identify business management strengths, weaknesses, and steps necessary to improve management performance and business profitability; and
(B) benchmarking of the type conducted by farm management and producer associations consistent with the activities described in or funded pursuant to section 5925f of this title.
(9) Hemp
(10) Loss ratio
(11) Organic crop
(12) Secretary
(13) Transitional yield
The term “transitional yield” means the maximum average production per acre or equivalent measure that is assigned to acreage for a crop year by the Corporation in accordance with the regulations of the Corporation whenever the producer fails—
(A) to certify that acceptable documentation of production and acreage for the crop year is in the possession of the producer; or
(B) to present the acceptable documentation on the demand of the Corporation or an insurance company reinsured by the Corporation.
(14) Veteran farmer or rancher
The term “veteran farmer or rancher” means a farmer or rancher who—
(A) has served in the Armed Forces (as defined in section 101 of title 38); and
(B)
(i) has not operated a farm or ranch;
(ii) has operated a farm or ranch for not more than 5 years; or
(iii) is a veteran (as defined in section 101 of that title) who has first obtained status as a veteran (as so defined) during the most recent 5-year period.
(c) Protection of confidential information
(1) General prohibition against disclosure
(2) Authorized disclosure
(A) Disclosure in statistical or aggregate form
(B) Consent of producer
(3) Violations; penalties
(4) Information
(A) Request
(B) Privacy
(C) Sharing
(d) Relation to other laws
(1) Terms and conditions of policies and plans
The terms and conditions of any policy or plan of insurance offered under this subchapter that is reinsured by the Corporation shall not—
(A) be subject to the jurisdiction of the Commodity Futures Trading Commission or the Securities and Exchange Commission; or
(B) be considered to be accounts, agreements (including any transaction that is of the character of, or is commonly known to the trade as, an “option”, “privilege”, “indemnity”, “bid”, “offer”, “put”, “call”, “advance guaranty”, or “decline guaranty”), or transactions involving contracts of sale of a commodity for future delivery, traded or executed on a contract market for the purposes of the Commodity Exchange Act (7 U.S.C. 1 et seq.).
(2) Effect on CFTC and Commodity Exchange Act
(Feb. 16, 1938, ch. 30, title V, § 502, 52 Stat. 72; June 21, 1941, ch. 214, § 1, 55 Stat. 255; Aug. 1, 1947, ch. 440, § 4, 61 Stat. 719; Pub. L. 103–354, title I, § 102(a), Oct. 13, 1994, 108 Stat. 3180; Pub. L. 106–224, title I, §§ 122, 141, June 20, 2000, 114 Stat. 377, 389; Pub. L. 110–234, title XII, §§ 12001, 12033(c)(2)(B), May 22, 2008, 122 Stat. 1371, 1405; Pub. L. 110–246, § 4(a), title XII, §§ 12001, 12033(c)(2)(B), June 18, 2008, 122 Stat. 1664, 2133, 2167; Pub. L. 113–79, title XI, §§ 11001, 11016(a), 11027(a), Feb. 7, 2014, 128 Stat. 954, 963, 977; Pub. L. 115–334, title XI, § 11101, title XII, § 12306(b)(1), Dec. 20, 2018, 132 Stat. 4919, 4968.)