Who sets the rates for Multiple Peril Crop Insurance (MPCI)?

The Federal Crop Insurance Corporation (FCIC) is responsible for setting the rates for Multiple Peril Crop Insurance (MPCI). The FCIC, as a government entity created under the Federal Crop Insurance Act, manages and supports the crop insurance programs offered in the United States. It is essential for ensuring that the rates reflect the risk associated with various crops and farming practices, thereby helping to stabilize farming incomes against potential losses due to natural disasters or market fluctuations.

While the USDA oversees agricultural policies and programs, the Risk Management Agency (RMA) operates under the USDA and administers the FCIC's policies but does not directly set the rates. The National Agricultural Statistics Service (NASS) provides agricultural data that may inform risk assessment but does not determine insurance rates either. Therefore, the responsibility for setting rates lies specifically with the FCIC.