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CropGuard Insurance Agency
Coastal Bend Office
800-918-6907
800-918-6907
March 2008
GNC Declares Patronage Distribution for 2007
The Board of Directors of Growers National Cooperative (GNC)
declared a distribution during their February meeting of $505,000 in
patronage dividends to members for the calendar year 2007. The
patronage distribution was made possible from GNC's profits, and
payments to all patron members for the 2007 calendar year
business will begin in early spring.
Dividends are paid only if GNC has a profit, and are calculated
based on support of sponsoring associations in the form of dues
and check off payments. The dividend is NOT related in any way to
insurance premium paid by the farmer. Patronage dividends comply
with state insurance regulations, the RMA's Standard Reinsurance
Agreement (SRA), and other applicable cooperative regulations.
The RMA recently issued a statement warning producers to "Beware
of Crop Insurance Rebating Schemes." Growers National Co-op
and its marketing partner, Crop USA, wish to assure you that the
dividend payment you will receive in the next couple of months does
not fall under the definition of "rebating" established in the 2005
SRA. An excerpt from the November 2007 Report of the Committee
on Agriculture, Nutrition, and Forestry, Section 1905, is enclosed.
GNC's goal is to create profitability for our producer members by
providing superior, efficient service and a variety of products to
enhance their farm operation. GNC is endorsed by wheat, soybean,
corn, potato and other grower associations and operates in more
than twenty states. If you would like more information, please call
877-440-7564.
Rio Grande Valle Office
877-440-7564
877-440-7564