The department shall enter into an agreement with the Federal Crop Insurance Corporation under which the department agrees to pay to the corporation a portion of federal crop insurance premiums paid by producers of agricultural commodities in this state. The agreement must provide for a corresponding reduction in the federal crop insurance premium paid by […]
Under the agreement, the department shall pay to the corporation for each covered producer an amount equal to the amount that the corporation pays for that producer under 7 U.S.C. 1508(b)(3) of the Federal Crop Insurance Act (7 U.S.C. 1501 – 1520), except as provided otherwise in this chapter.
Thirty percent of each producer’s premium, as calculated by the corporation, on coverage of up to 65 percent of the recorded or appraised average yield, as adjusted, shall be paid by the state.
(a) The payments to the corporation shall be made from funds appropriated from the general fund to the department for that purpose. (b) If for any year the amount appropriated is insufficient to fully fund the contribution required by AS 03.13.020, the department shall allocate funds on a first come basis.
In this chapter, “corporation” means the Federal Crop Insurance Corporation (7 U.S.C. 1503).
