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CED-81-148 1 (1981-07-30)

handle is hein.gao/gaobabcgl0001 and id is 1 raw text is: I |i ft ~~zu sa~ BY THHL US, GENERAL ACCOJNT NG OFF CF Report To The Honorable Roger W. Jepsen United States Senate RELEASED Analysis Of Certain Operations Of The Federal Crop Insurance Corporation The law authorizing the Federal Crop Insur- ance Corporation was amended in 1980 to encourage greater involvement by the private insurance industry in the Federal program to protect agricultural producers from losses caused by unavoidable natural hazards. GAO's review found that: --Premiums for crop year 1981 will be about $327 million, compared to $157 million in 1980. The number of acres insured increased from about 26.3 million to 47.7 million. --The Corporation has not yet increased its premium rates to reflect 1980 crop losses. --The Corporation conducted a nation- wide campaign to inform producers about the crop insurance program, including coverage against hail and fire. --Some insurance companies are hesi- tant to participate in the program be- cause they believe they would be con- sidered Federal contractors and thus subject to Federal equal employment opportunity regulations. A decision by the Department of Labor is pending. \Q ST 5i '1%'ou 116022 CED-81-148 JULY 30, 1981 &,7 '7,95