Crop Insurance Today August 2016 - 25
of either farming, insuring or reinsuring. Currently there are four individuals who serve as
a farming industry appointee, one of which
represents specialty crops. There is one reinsurance or regulatory insurance industry appointee and one insurance industry appointee.
Working out in the field, each appointee offers
day-to-day expertise to the Board ensuring the
farmer, insurance, and reinsurance sides are
represented on standing issues.
Risk Management
Agency n RMA
The Risk Management Agency (RMA)
plays a large part in the daily operations of
FCIC. Created in 1996, RMA helps serve as
a regulator and provides oversight on the Approved Insurance Providers (AIPs) who sell
crop insurance to farmers. This organization:
* Develops and/or approves premium rates
for policies;
* Administers premium and expense
discounts;
* Approves and supports products;
* Reinsures crop insurance companies; and,
* Sponsors educational and outreach programs, as well as seminars on crop insurance.
At the end of the day, RMA's mission is
to serve "America's agricultural producers
through effective, market-based risk management tools and solutions to strengthen the
economic stability of agricultural producers
and rural communities." To achieve this mission, RMA works very closely with FCIC and
the USDA. RMA also has four strategic goals
outlined to ensure an effective risk management system for our country, year-to-year.
* Increase the availability and effectiveness
of Federal crop insurance as a risk management tool while enhancing and protecting the soundness of the program;
* Ensure a fair and effective risk management product delivery system;
* Provide education and outreach to stakeholders to ensure access to risk management tools and products; and,
* Safeguard the integrity of the Federal Crop
Insurance Program.
"Crop insurance is built on trust and partnership," said RMA Administrator, Brandon
Willis. "America's agricultural producers are
more secure in their businesses because of
what we provide as a team."
Conclusion
The public-private partnership of the
crop insurance industry provides reliability
for farmers and taxpayers alike, as the Federal government and industry organizations
stand behind the insurance products it offers
and reinsures the private-sector companies.
With seven irreplaceable organizations working together with agents, insurance/reinsurance companies, Congress, and the general
public, crop insurance continues to evolve,
adapting to the growth and expansion of
American farmers. It is with the hard work of
everyone involved that crop insurance can be
what it is today.
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CROPINSURANCE TODAY®
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Crop Insurance Today August 2016 - Cover2
Crop Insurance Today August 2016 - 1
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Crop Insurance Today August 2016 - 3
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