S3253-118

1. Short title This Act may be cited as the Temperature Endorsement for Multiperil Policies Act of 2023 or the TEMP Act of 2023.

2. Research and development on frost or cold weather insurance Section 522(c) of the Federal Crop Insurance Act (7 U.S.C. 1522(c)) is amended by adding at the end the following: The Corporation shall carry out research and development, or offer to enter into 1 or more contracts with 1 or more qualified persons to carry out research and development, regarding an index-based policy to insure crops (including tomatoes, peppers, sugarcane, strawberries, melons, citrus, peaches, blueberries, and any other crop) on a nationally available basis against losses due to a frost or cold weather event. Research and development under subparagraph (A) shall— evaluate the effectiveness of risk management tools, such as the use of an index, with respect to low frequency and catastrophic loss weather events; and result in a policy that provides protection for at least 1 of the following: Production loss. Revenue loss. Not later than 1 year after the date of enactment of this paragraph, 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— the results of the research and development carried out under this paragraph; and any recommendations with respect to those results. (20)Frost or cold weather insurance(A)In generalThe Corporation shall carry out research and development, or offer to enter into 1 or more contracts with 1 or more qualified persons to carry out research and development, regarding an index-based policy to insure crops (including tomatoes, peppers, sugarcane, strawberries, melons, citrus, peaches, blueberries, and any other crop) on a nationally available basis against losses due to a frost or cold weather event.(B)Research and developmentResearch and development under subparagraph (A) shall—(i)evaluate the effectiveness of risk management tools, such as the use of an index, with respect to low frequency and catastrophic loss weather events; and(ii)result in a policy that provides protection for at least 1 of the following:(I)Production loss.(II)Revenue loss.(C)ReportNot later than 1 year after the date of enactment of this paragraph, 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 results of the research and development carried out under this paragraph; and(ii)any recommendations with respect to those results..