Second Draft of New Crop Insurane Agreement is Available

Stakeholders in the federal crop insurance program will have through mid-March to comment on proposed updates in the program.  Another draft of the proposed standard reinsurance agreement for federal crop insurance agents has been released, and according to RMA Administrator Bill Murphy the second draft retains the goal of controlling costs, but it also includes suggestions from stakeholders.  Murphy says it’s important in this program to take those suggestions into consideration.  Depending on the volume of comment over the next month, an interim final proposal could be ready by April for insurance companies to look over and sign.  Murphy says they’ll need to have those signed by the end of June of this year, and the first crops that will come along in the reinsurance will be fall planted crops like wheat and barley. So, there’s have plenty of time for the companies to continue to deliver the program in the same professional manner they  have in the past.

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