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Shirley Pugh (202) 690-0437
Brent Doane (202) 690-2092

RMA ADMINSTRATOR ADDRESSES THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS

WASHINGTON, Jun 15, 2006 – USDA’s Risk Management Agency (RMA) Administrator, Eldon Gould, addressed members of the Crop Insurance Working Group at the National Association of Insurance Commissioners (NAIC) Summer National Meeting on June 12. Gould supported continuing efforts to expand and enhance regulatory cooperation between the two organizations.

“State Insurance Commissioners and the Federal crop insurance program alike benefit from enhanced communications and information sharing,” Gould said. “It makes good sense. What benefits the crop insurance delivery system, ultimately benefits farmers and makes the program more effective and efficient.”

During his presentation, Gould emphasized that RMA, as the regulatory body for the Federal crop insurance program, and the NAIC, as the central repository for regulatory information for State insurance departments, continue to share information useful to both organizations in their respective roles. Recently, the two organizations collaborated on an increased information sharing initiative designed to enhance and streamline tasks performed by each group. RMA has committed to provide information on anti-fraud efforts, examinations and compliance actions to the NAIC for use in assisting their members, state insurance officials, to carry out their regulatory roles. NAIC will in turn share financial and market information on regulated entities to assist RMA in performing analysis of crop insurers.

“As chair of the Crop Insurance Working Group, I look forward to continuing the strong and productive relationship that exists today between RMA and NAIC,” said South Dakota Director of Insurance Merle Scheiber. “Looking to the future, the enhanced sharing of information between RMA and NAIC, as well as between RMA and State insurance departments, will surely help to strengthen and promote the integrity of the Federal crop insurance program.”

The meeting was held June 10-13, 2006 in Washington, D.C. NAIC, an organization comprised of insurance officials from the 50 States, the District of Columbia, and five U.S. territories, is dedicated to assisting regulators in the protection of consumers and ensuring the financial stability of the insurance industry.

For more information, visit NAIC at: http://www.naic.org/press_home.htm.. Additional information about RMA can be found at http://www.rma.usda.gov.