7 U.S. Code § 9057 - Premiums for margin protection program

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(a) Calculation of premiums
For purposes of participating in the margin protection program, a participating dairy operation shall pay an annual premium equal to the product obtained by multiplying—
(1) the coverage percentage elected by the participating dairy operation under section 9056(a)(2) of this title;
(2) the production history of the participating dairy operation; and
(3) the premium per hundredweight of milk imposed by this section for the coverage level selected.
(b) Premium per hundredweight for first 4 million pounds of production
(1) In general
For the first 4,000,000 pounds of milk marketings included in the production history of a participating dairy operation, the premium per hundredweight for each coverage level is specified in the table contained in paragraph (2).
(2) Producer premiums
Except as provided in paragraph (3), the following annual premiums apply:

Coverage Level Premium per Cwt.
$4.00
None
$4.50
$0.010
$5.00
$0.025
$5.50
$0.040
$6.00
$0.055
$6.50
$0.090
$7.00
$0.217
$7.50
$0.300
$8.00
$0.475

(3) Special rule
The premium per hundredweight specified in the table contained in paragraph (2) for each coverage level (except the $8.00 coverage level) shall be reduced by 25 percent for each of calendar years 2014 and 2015.
(c) Premium per hundredweight for production in excess of 4 million pounds
(1) In general
For milk marketings in excess of 4,000,000 pounds included in the production history of a participating dairy operation, the premium per hundredweight for each coverage level is specified in the table contained in paragraph (2).
(2) Producer premiums
The following annual premiums apply:

Coverage Level Premium per Cwt.
$4.00
None
$4.50
$0.020
$5.00
$0.040
$5.50
$0.100
$6.00
$0.155
$6.50
$0.290
$7.00
$0.830
$7.50
$1.060
$8.00
$1.360

(d) Time for payment of premium
The Secretary shall provide more than 1 method by which a participating dairy operation may pay the premium required under this section in any manner that maximizes participating dairy operation payment flexibility and program integrity.
(e) Premium obligations
(1) Pro-ration of premium for new participants
In the case of a participating dairy operation that first registers to participate in the margin protection program for a calendar year after the start of the calendar year, the participating dairy operation shall pay a pro-rated premium for that calendar year based on the portion of the calendar year for which the participating dairy operation purchases the coverage.
(2) Legal obligation
A participating dairy operation in the margin protection program for a calendar year shall be legally obligated to pay the applicable premium for that calendar year, except that the Secretary may waive that obligation, under terms and conditions determined by the Secretary, for any participating dairy operation in the case of death, retirement, permanent dissolution of a participating dairy operation, or other circumstances as the Secretary considers appropriate to ensure the integrity of the program.

Source

(Pub. L. 113–79, title I, § 1407,Feb. 7, 2014, 128 Stat. 691.)

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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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7 USCDescription of ChangeSession YearPublic LawStatutes at Large
§ 9057new2014113-79 [Sec.] 1407128 Stat. 691

 

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