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RCED-84-65 1 (1984-03-14)

handle is hein.gao/gaobabela0001 and id is 1 raw text is: Q3J 88 BY THE US. GENERAL ACCOUNTING OFFICE Report To The Secretary Of Agriculture More Attention Needed In Key Areas Of The Expanded Crop Insurance Program In accordance with the Federal Crop Insurance Act of 1980, the Federal Crop Insurance Corporation (FCIC) has made substantial progress in expanding its insurance program nationwide and in involving the private sector in selling and servicing insurance. However, in its efforts to rapidly change the program, FCIC did not give appropriate attention to the actuarial soundness of its insurance and therefore has little assurance that the premiums set are adequate to cover potential loss claims. This report evaluates how FCIC is carrying out the 1980 act. GAO found that FCIC needs to update its insurance offers and see that all necessary actuarial reports and analyses are prepared in a timely manner. It should also --assess the potential benefits of using actual crop yield data to set insurance rates and coverages to better reflect differences among farmers' productivity and risk of loss, --evaluate the rates at which it compensates the private sector for selling and servicing crop insurance and adjusting claims for losses to make sure the rates are both fair to the companies and cost- effective to the government, and --evaluate the reinsurance program (reinsuring private insurance companies against part of the risk on the federal crop insurance policies issued in their names) to see if it is achieving its intended purpose. v~zD S7 123688 7O GAO/RCED-84-65 -in,).'' MARCH 14, 1984

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