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Legislation has been introduced in both the House and Senate that would slash crop-insurance subsidies to pre-2001 levels.

U.S. taxpayers could pay a record $15 billion to subsidize the privately run crop insurance program this year, double the recent cost due to devastating drought in the Farm Belt, say an array of agricultural economists.

The Federal Crop Insurance Program began nearly 75 years ago. Now a public/private partnership, agents write more than 1 million crop insurance policies. As Congress looks at a 2012 farm bill, learn what agents need to know about this growing industry.

Insurance companies and agents joined together Thursday in asking Congress to do no harm to the existing crop-insurance-subsidy program, citing concerns with Obama-administration proposals that call for further cuts.

Insurance companies and agents joined together Thursday in asking Congress to do no harm to the existing crop-insurance-subsidy program, citing concerns with Obama-administration proposals that call for further cuts.

Obama-administration plans to further reduce crop-insurance subsidies could accelerate a consolidation process in the agricultural insurance sector that is already long underway, according to Moodys.