CIRB TESTIFIES BEFORE HOUSE AGRICULTURE COMMITTEE HEARING

On Thursday, July 22, 2010, Steve Rutledge of Farmers Mutual Hail Insurance Company of Iowa represented CIRB at a House Agriculture Risk Management Subcommittee hearing on the state of the crop insurance industry. At the start, Full Committee Ranking Member Frank Lucas (R-OK) pointed out that a hearing would have been more practical during the Standard Reinsurance Agreement negotiation as opposed to afterwards; Subcommittee Chairman Leonard Boswell (D-IA) replied that Congress can still have its say “before all is said and done.” During questioning, Rep. Earl Pomeroy (D-ND) complimented the Risk Management Agency on the most recent SRA process and pointed to universal AIP participation as a positive sign; Steve Rutledge addressed this point in subsequent testimony and emphasized that the industry did not have another option. Later in the hearing, Rep. Tim Walz (D-MN) noted his support for crop insurance and asked witnesses “how to make this work?” Steve Rutledge suggested increasing the available coverage and noted that farmers have consistently stated their support for the federal crop insurance program. Towards the end, Pomeroy pointed to the “good discipline” in the SRA and noted that he does not consider the final product unfair.

Click here to view Steve Rutledge’s written testimony.

CIRB RELOCATION UPDATED July 1st The Crop Insurance Research Bureau office in Overland Park, KS has relocated effective July 1, 2009. CIRB has entered into an agreement with Michael Torrey Management Group to operate the administrative functions of the association. That agreement begins officially on October 1, 2009 but the new Washington, DC office is now receiving all CIRB correspondence and phone calls. read more...

CIRB Weighs in on Second Draft of SRA
CIRB has submitted comments to the Risk Management Agency regarding the second draft of the proposed Standard Reinsurance Agreement. Given its strong connection to the reinsurance industry, CIRB focused on the importance of commercial reinsurance to the approved insurance providers that participate in the crop insurance program. CIRB stressed the importance of managing risk and noted the need for common ground on the financial assumptions underlying the SRA. To view the comments, click here.

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