Federal Crop Insurance Corporation Board of Directors
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Federal Crop Insurance Corporation Board of Directors (FCIC Board) is responsible for the governance and policy-making of the federal crop insurance program, which is designed to help U.S. farmers manage their risk. The board ensures that the program remains viable, accessible, and beneficial to agricultural producers.
Mission
The FCIC Board's mission is to oversee the Federal Crop Insurance Program, ensuring it provides effective risk management tools for farmers. This includes setting standards for insurance products, managing program finances, and promoting policies that support agricultural sustainability and resilience.[1]
Parent organization
The FCIC Board operates under the Risk Management Agency (RMA), which is part of the United States Department of Agriculture (USDA). The RMA administers the federal crop insurance program.[2]
Legislation
The board was established by the Federal Crop Insurance Act of 1980, which expanded and modernized the federal crop insurance program.[3]
Partners
- Private insurance companies delivering crop insurance
- Agricultural producers participating in the program
- State departments of agriculture
- Research institutions for policy development[4]
Number of employees
The FCIC Board itself does not have employees; it consists of appointed members. The exact number of board members can vary, but it typically includes representatives from different agricultural sectors.
Organization structure
The board includes members appointed by the Secretary of Agriculture, representing various agricultural interests, including farmers, insurance agents, and public representatives.
Leader
The board is managed by a Manager, who is also the Administrator of the RMA, appointed by the USDA Secretary.
Divisions
The board does not have formal divisions but functions through:
- Regular meetings to review and decide on insurance policies and procedures.
List of programs
- Oversight of crop insurance policy development and approval
- Review of insurance rates and coverage options
- Administration of the Federal Crop Insurance Fund
Last total enacted budget
The budget for the FCIC Board is not distinctly specified; it is part of the RMA's broader budget for managing the federal crop insurance program.
Staff
The board does not have dedicated staff; it is supported by RMA personnel.
Funding
Funding for the FCIC Board's activities comes from the USDA's budget allocated to the RMA, supplemented by premiums and fees from the insurance program.
Services provided
The board provides oversight and strategic direction for the federal crop insurance program, ensuring that farmers have access to effective risk management tools that support agricultural productivity and stability.
Regulations overseen
While not directly overseeing regulations, the board's decisions influence the regulatory environment of the federal crop insurance program, affecting how insurance is developed, offered, and managed.
Headquarters address
1400 Independence Ave SW, Washington, DC 20250, United States
History
Since its establishment in 1980, the FCIC Board has been pivotal in shaping the federal crop insurance program, adapting to changes in agriculture, technology, and risk management practices to better serve the farming community.[5]
External links
References
- ↑ USDA Risk Management Agency. "Federal Crop Insurance Corporation Board of Directors". USDA RMA, https://www.rma.usda.gov/en/About-RMA/Board-of-Directors (accessed February 8, 2025).
- ↑ USDA Risk Management Agency. "About RMA". USDA RMA, https://www.rma.usda.gov/en/About-RMA (accessed February 8, 2025).
- ↑ USDA Risk Management Agency. "Federal Crop Insurance Corporation Board of Directors". USDA RMA, https://www.rma.usda.gov/en/About-RMA/Board-of-Directors (accessed February 8, 2025).
- ↑ USDA Risk Management Agency. "Federal Crop Insurance Corporation Board of Directors". USDA RMA, https://www.rma.usda.gov/en/About-RMA/Board-of-Directors (accessed February 8, 2025).
- ↑ USDA Risk Management Agency. "Federal Crop Insurance Corporation Board of Directors". USDA RMA, https://www.rma.usda.gov/en/About-RMA/Board-of-Directors (accessed February 8, 2025).