Oklahoma Insurance Commissioner Carroll Fisher announced the approval of emergency rules to grant special licenses to agents allowing them to sell a new form of insurance for cattle producers. The Agriculture Revenue Insurance License will allow agents to sell policies offered under an experimental program by the federal government.
This type of insurance is being offered in Oklahoma and nine other states.
Under the program, farmers and ranchers may purchase special coverage to provide income if the price of certain livestock drops too low. Oklahoma’s program applies only to feeder cattle. Similar programs in other states apply to swine as well as fed cattle.
The new rule was necessary because existing laws and regulations governing insurance agents did not permit them to sell the coverage.
“I am excited Oklahoma was chosen to be a test market for this new insurance product,” Fisher said. “I hope as many agents as possible, particularly in the rural areas of our state, will consider becoming licensed to sell agriculture revenue insurance.”
Fisher noted that agents who wish to sell the coverage may contact his office at (800) 522-0071 for further information.
The rule was adopted on a temporary basis and has been approved by Gov. Brad Henry.
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