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PSC PROPOSES JULY 15 WORKSHOP ON GRAIN INDEMNIFICATION FUND
In a surprising move, the Nebraska public Service Commission (PSC) announced a July 15 commission workshop to propose the establishment of a multimillion dollar farmer funded grain insurance program as further protection of parties to grain transactions. The insurance fund, which would have to be enacted by the state legislature, would be separate from but supplement the current state grain warehouse and dealers act which requires licensing and bonding in case of failure. Just last September, the PSC held a workshop regarding the concept of a Grain indemnification program. Farm groups and other agribusiness organizations that appeared at the September workshop were mostly negative regarding the establishment and administration of the producer funded program. Last September's hearing was in response to the dramatic run-up in 2008 commodity prices and the adequacy of current elevator bonding levels to cover losses in case of failure. Just prior to last September's workshop, the NGF conducted a survey to all members regarding the possible establishment of the indemnification program. Members were fairly evenly split between the indemnification program, higher financial standards or a combination of both. Please look for additional details of the PSC proposal, or don't hesitate to contact the Association office regarding your thoughts or suggestions on a producer funded program. The NGF legislative committee will be considering the Association's response to the idea of the supplemental insurance program or any specific proposals forwarded by the PSC.
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