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Controls Over Crop Insurance Section 508(h) Products

Submitting OIG: 
Department of Agriculture OIG
Report Description: 
OIG evaluated RMA’s controls over the development and approval of insurance products under Section 508(h) of the Federal Crop Insurance Act.
Date Issued: 
Tuesday, June 30, 2020
Agency Reviewed / Investigated: 
Department of Agriculture
Submitting OIG-Specific Report Number: 
05601-0007-31
Component, if applicable: 
Risk Management Agency
Location(s): 
Agency-Wide
Type of Report: 
Audit
Number of Recommendations: 
2
View Document: 
AttachmentSize
PDF icon 05601-0007-31.pdf6.43 MB

Related Open Recommendations

Recommendation Number Recommendation Status Significant Recommendation Additional Details
1 Open Yes CONTROLS OVER CROP INSURANCE SECTION 508(H) PRODUCTS
Develop and formalize Section 508(h) product monitoring procedures, which should include applicable key metrics to evaluate all Section 508(h) submissions annually and a process to conduct full program evaluations if any of the metrics indicate potential issues.
2 Open Yes CONTROLS OVER CROP INSURANCE SECTION 508(H) PRODUCTS
Involve the Compliance Office in determining who is responsible for deeming a Compliance Office review of Section 508(h) submissions appropriate and needed. Once this determination has been made, RMA should formalize this role and process in its guidance.
Displaying 2 of 2 Recommendations