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The crop insurance industry is in the midst of a major transformation. Last December, the USDA and the Risk Management Agency (RMA) released the first draft of the Standard Reinsurance Agreement (SRA), the contract that private crop insurers and the government enter that includes financial commitments, policies and procedures and operational plans that are the foundation of the program. A revised SRA draft was released in February.

The RMA proposal substantially changes the program’s structure, resulting in a funding reduction of about $700 million per year over the next decade. This $7 billion cut is in addition to the 10-year $6.4 billion in program reductions mandated by the 2008 Farm Bill.

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