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Crop insurers said late Thursday the industry and the crop insurance program will be able to "withstand" the severe cuts in subsidies imposed on the program by the Agriculture Department.

Independent insurance agents are blasting a decision by the U.S. Agriculture Department to impose a crop insurance contract on the industry that includes restrictive caps on agent commissions.

The National Flood Insurance Program would get yet another short-term extension--this time until Sept. 30--under expedited procedures legislation approved last week by the U.S. House of Representatives on a unanimous vote.

The National Flood Insurance Program would get yet another short-term extension--this time until Sept. 30.

The nation's crop insurers warned that the industry's "back is against the wall" as they reiterated objections to a planned 30 percent cut to the federal crop program.

Agent associations joined the National Crop Insurance Services in criticizing the Obama administration's decision to cut the federal crop insurance program by $6 billion over the next 10 years.

The federal government's $6 billion cut in the crop insurance program last week received a strongly negative response from the association representing the insurers.

A proposed tax on offshore reinsurers will likely raise costs for crop insurers and could reduce even further the players in that market, a lobbyist for Bermuda insurers warned Monday.