Quality loss adjustment coverage

Section 508(m)(3) of the Federal Crop Insurance Act (7 U.S.C. 1508(m)(3)) is amended— (1) by striking subparagraph (A) and inserting the following: (A) Periodic review Beginning in calendar year 2027 and once every 5 years thereafter, the Corporation shall contract with a qualified person to conduct a review, which shall be completed within 1 year of initiation, of the quality loss adjustment procedures of the Corporation.; (2) in subparagraph (B), by striking Effective beginning not later than the 2004 reinsurance year, based on the review, the Corporation and inserting Based on each review conducted under subparagraph (A), the Corporation; (3) by redesignating subparagraph (B) as subparagraph (C); (4) by inserting after subparagraph (A) the following: (B) Stakeholder engagement Each review under subparagraph (A) shall include engagement from regionally diverse industry stakeholders for each agricultural commodity for which a quality loss adjustment is offered.; and (5) by adding at the end the following: (D) Report On the completion of each review under subparagraph (A), 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 findings from that review; (ii) the changes to the quality loss adjustment procedures; (iii) the stakeholder engagement for that review conducted pursuant to subparagraph (B); and (iv) plans for establishing specific quality loss adjustment procedures for unique regions, as determined by the Secretary..