Crop Insurance Transparency Act

Crop Insurance Transparency Act

This bill requires the Department of Agriculture (USDA) to publicly disclose specific information about farmers and insurance providers participating in the federal crop insurance program (FCIP). (The FCIP helps make insurance coverage available to farmers from private sector insurers to help mitigate potential financial consequences of adverse growing and market conditions.)

Specifically, USDA must annually disclose information on an individual or entity that obtained a federally subsidized crop insurance, livestock, or forage policy or plan of insurance, including their name, the amount of the premium subsidy received, and the federal portion of indemnities paid toward insured losses.

USDA must also annually disclose information on each private insurance provider participating in the FCIP, including their name, the underwriting gains earned by the provider through participation in the program, the amount paid to cover administrative and operating expenses, and the federal portion of indemnities and reinsurance costs.

The bill excludes from the disclosure requirements information that is related to individuals and entities covered by a catastrophic risk protection plan. (These plans are the minimum level of coverage offered under the program.)