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RCED-85-155 1 (1985-07-26)

handle is hein.gao/gaobabnsv0001 and id is 1 raw text is: 3) 5 UNITED STATES GENERAL ACCOUNTING OFFICE trou~t4 WASHINGTON, D.C. 20548 July 26, 1985 RESOURCES, COMMUNITY,d %Z AND ECONOMIC DEVELOPMENTato s Lq DIVISION e o , b i eltion B-2 09866 The Honorable Ed Jones Chairman, Subcommittee on Conservation, Credit, and Rural Development Committee on Agriculture House of Representatives Dear Mr. Chairman: Subject: Information on the Federal Crop Insurance Corporation's 1986 Standard Reinsurance Agreement (GAO/RCED-85-155) On May 13, 1985, you requested that we review the 1986 reinsurance agreement between the Federal Crop Insurance Corpora- tion (FCIC) and insurance organizations, which are called rein- sured companies. PCIC is a government-owned corporation whose purpose is to promote the national welfare by improving the eco- nomic stability of agriculture through a program of crop insur- ance. Currently, it is providing $6.6 billion worth of insurance protection to farmers in 49 states and in over 3,000 counties. In response to your request and a subsequent meeting with your office, this letter provides information on --how the 1986 reinsurance agreement will work; --how the agreement compares to prior years' agreements; and --how reinsured companies could fare financially under the 1986 agreement, as well as the previous years' agreements, including information on the gain and loss distribution between FCIC and the reinsured companies. In addition, we agreed to provide a brief overview of FCIC's over- all financial condition as it relates to the Corporation's ability to meet its financial obligations over the next several months. A brief summary of the information we obtained in response to each of these points follows. Our detailed responses are included in appendixes I and II which deal with FCIC's reinsurance program and its financial condition, respectively. 6 $ 79),(022915)

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