NU Online News Service, May 9, 9:00 a.m. EDT–Insurers and agents spoke out against a proposed Premium Reduction Plan for crop insurance at a house subcommittee hearing, while the one company currently offering a PRP defended the program.

At a hearing last week of the House Agriculture Subcommittee on General Farm Commodities and Risk Management, Norman Nielsen, president of Preston, Iowa-based Associated Insurance Counselors Inc., testified on behalf of the Independent Insurance Agents and Brokers of America. He told lawmakers that the group is staunchly opposed to the PRP program, which allows the seller to discount the policies utilizing technology and selling policies directly to farmers, bypassing the independent agent network. Additionally, he questioned why the Risk Management Association [the federal agency running the program] allows only one company, Crop 1, to offer the product while it has suspended others from doing so during the rulemaking process.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.