Second Draft of Proposed Crop Insurance Agreement Released

A second draft of the proposed crop insurance agreement was released today and includes several changes designed to protect farmers from higher costs and improve access to crop insurance. Updates to the second draft were developed after negotiations between USDA’s Risk Management Agency — which administers the Federal Crop Insurance Program — and crop insurance companies. The first draft of the agreement was released last December and was met with resistance from insurance companies based on the Obama administration’s budget proposal to cut government subsidies to crop insurance companies. The cuts are expected to save $8 billion over 10 years. Read more.