United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2004-06-01 monographic deposited born digital 55 p. GA 1.13:GAO-04-517 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-517 P0b002ee18037d852 f:d04517 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-04-517 machine generated eng fdlp REPORT GAOREPORTS-GAO-04-517 GAO-04-517 Insurance Insurance companies Insurance losses Risk management Insurance regulation Regulatory agencies Crop insurance Policies and procedures Other Written Product A10244

U.S. Department of Agriculture's (USDA) Risk Management Agency (RMA) administers the federal crop insurance program in partnership with insurance companies who share in the risk of loss or gain. In 2002, American Growers Insurance Company (American Growers), at the time, the largest participant in the program, was placed under regulatory control by the state of Nebraska. To ensure that policyholders were protected and that farmers' claims were paid, RMA agreed to fund the dissolution of American Growers. To date, RMA has spent about $40 million. GAO was asked to determine (1) what factors led to the failure of American Growers, (2) whether RMA procedures were adequate to monitor companies' financial condition, and (3) how effectively and efficiently RMA handled the dissolution of American Growers. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-517/html/GAOREPORTS-GAO-04-517.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-517/pdf/GAOREPORTS-GAO-04-517.pdf GAO-04-517 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-04-517 Other Written Product GAO-04-517; Crop Insurance: USDA Needs to Improve Oversight of Insurance Companies and Develop a Policy to Address Any Future Insolvencies; Insurance Insurance companies Insurance losses Risk management Insurance regulation Regulatory agencies Crop insurance Policies and procedures Title 77 Section 1501 77 U.S.C. 1501 Title 127 Section 1501 127 U.S.C. 1501