PIA Lobbying for Crop Insurance Pays Off

PIA’s Lobbying for Crop Insurance Pays Off As Farm Bill Signed Into Law February 12, 2014 After the Senate gave overwhelming approval Feb. 4 to the Farm Bill by a vote of 68-32, President Obama signed the nearly $1 trillion measure into law Feb. 7 in a barn on the campus of Michigan State University. Passage of the Farm Bill caps years of controversy. For PIA crop insurance agents, the news is good. In the negotiations for the bill, PIA met with House and Senate offices throughout the process to ensure that crop insurance would not sustain any further cuts and that the legislation would continue to strengthen the program. In the final bill, funding for crop insurance has been increased. The best news for agents and companies is that the Administrative and Operating (A&O) and underwriting gains are “budget neutral,” which means the U.S. Department of Agriculture (USDA) cannot cut these areas in future standard reinsurance agreement (SRA) negotiations without putting equal budget dollars back into the crop program. It specifically locks in the A&O at current levels ($1.4 billion). Farm Bill Expands Crop Insurance Programs (National Underwriter 2/10/14)

Created Date Wednesday, 12 February 2014 Modified Date Wednesday, 12 February 2014

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