Crop Insurance in the Farm Bill. Howard Olson SrVP Insurance and Communications AgCountry Farm Credit Services
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1 Crop Insurance in the Farm Bill Howard Olson SrVP Insurance and Communications AgCountry Farm Credit Services
2 Crop Insurance in the Farm Bill Agenda oupdate on proposals and bills entered. owhat can you do? okey messages
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7 Kind H.R / Flake - S AFFIRM Act 1. AGI Restriction - Means testing 2. Premium subsidy cap at $40, Target insurance company rate of return at 8.9% of premium 4. Eliminate premium subsidy on the Revenue Protection Harvest Price 5. Premium subsidy disclosure 6. Reduce Administrative & Operating Expense cap
8 AFFIRM Act 1. AGI Restriction - Means testing 2. Premium subsidy cap at $40, Target insurance company rate of return at 8.9% of premium 4. Eliminate premium subsidy on the Revenue Protection Harvest Price 5. Premium subsidy disclosure 6. Reduce Administrative & Operating Expense cap
9 AFFIRM Act Adjusted Gross Income Restriction omeans Testing - if you have the means, you don t need the subsidy o Three year average Adjusted Gross Income exceeds $250,000 o Not eligible for any premium subsidy
10 AFFIRM Act AGI Restriction oabout 6.5% of farmers in our area oreduces participation olargest farms, possibly the lowest risk
11 AFFIRM Act 1. AGI Restriction - Means testing 2. Premium subsidy cap at $40, Target insurance company rate of return at 8.9% of premium 4. Eliminate premium subsidy on the Revenue Protection Harvest Price 5. Premium subsidy disclosure 6. Reduce Administrative & Operating Expense cap
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13 Affect of Premium subsidy cap of $40,000 $65,751 $101,155 $35,404 Premium Increases $25,750 From $20.22/a to $34.92/a 1751 acres Corn & Soybeans
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15 Premium Increases $61,128 From $14.66/a to $40.28/a
16 AFFIRM Act Premium subsidy cap at $40,000 o 1200 acre farm in northwest MN o 800 acre farm in south central ND 40% of farmers in eastern 1/3 of ND 76% of acres in eastern 1/3 of ND o fewer acres needed as premium per acre increases
17 AFFIRM Act AGI Restriction & Premium subsidy cap at $40,000 oif premiums increase, then less participation oshrinks the insurance pool oincreases loss ratios oraises premium for all
18 Drain the swamp! Don t drain the pool!
19 AFFIRM Act 1. AGI Restriction - Means testing 2. Premium subsidy cap at $40, Target insurance company rate of return at 8.9% of premium 4. Eliminate premium subsidy on the Revenue Protection Harvest Price 5. Premium subsidy disclosure 6. Reduce Administrative & Operating Expense cap
20 AFFIRM Act Target insurance company rate of return at 8.9% of premium o This is not net return on investment or ROI o This is underwriting return on premium o All operating expenses need to come out o Companies 8-9% just to break even. o If they can t make money they ll pull out of this business
21 AFFIRM Act 1. AGI Restriction - Means testing 2. Premium subsidy cap at $40, Target insurance company rate of return at 8.9% of premium 4. Eliminate premium subsidy on the Revenue Protection Harvest Price 5. Premium subsidy disclosure 6. Reduce Administrative & Operating Expense cap
22 AFFIRM Act Eliminate the premium subsidy on the Revenue Protection Harvest Price o Increases price and guarantee at harvest if harvest price is higher than the spring price o Makes insurance a marketing tool for FC & HTA o Adds $8/a or $.07/bu on corn o Adds $4/a or $.12/bu on soys
23 AFFIRM Act 1. AGI Restriction - Means testing 2. Premium subsidy cap at $40, Target insurance company rate of return at 8.9% of premium 4. Eliminate premium subsidy on the Revenue Protection Harvest Price 5. Premium subsidy disclosure 6. Reduce Administrative & Operating Expense cap
24 AFFIRM Act Premium subsidy disclosure o Just like EWG reporting your farm program payments
25 AFFIRM Act 1. AGI Restriction - Means testing 2. Premium subsidy cap at $40, Target insurance company rate of return at 8.9% of premium 4. Eliminate premium subsidy on the Revenue Protection Harvest Price 5. Premium subsidy disclosure 6. Reduce Administrative & Operating Expense cap
26 AFFIRM Act Reduce Administrative & Operating Expense cap from $1.1 B to $900 M osimilar impact to reducing rate of return oreduces profit potential of insurance company omay cause companies to exit the business
27 Kind H.R / Flake - S AFFIRM Act Outlook? 1. AGI Restriction - Means testing 2. Premium subsidy cap at $40, Target insurance company rate of return at 8.9% of premium 4. Eliminate premium subsidy on the Revenue Protection Harvest Price 5. Premium subsidy disclosure 6. Reduce Administrative & Operating Expense cap
28 Crop Insurance in the Farm Bill Other Possibilities oreduce overall premium subsidy otighten conservation requirements Cover crops Nutrient management plans
29 Crop Insurance in the Farm Bill What can you do? obe involved with commodity and ag advocacy groups ospread the word. Be an advocate for ag. Washington Bismarck/St. Paul Our city cousins Anyone who eats!
30 Crop Insurance in the Farm Bill What can you do? obe active when threats occur Contact your Congressman or Senators Use alert services like AgCountry s Sign up at AgCountry.com
31 Crop Insurance in the Farm Bill What can you do? Learn more at cropinsuranceinamerica.org Follow on Twitter
32 Crop Insurance in the Farm Bill Message - Do no harm to crop insurance okeep high participation don t drain the pool! ocrop insurance must be affordable, available & viable. ocrop Insurance is about keeping food affordable!
33 Crop Insurance in the Farm Bill Howard Olson AgCountry Farm Credit Services
Farm Bill Update. Howard Olson SrVP Insurance and Communications AgCountry Farm Credit Services
Farm Bill Update Howard Olson SrVP Insurance and Communications AgCountry Farm Credit Services Farm Bill Update ohouse Energy & Commerce Committee Hearing Farm Bill Update Agenda ocurrent Status ocrop
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