Amended TGPIB Legislation
The Texas Grain Producers Indemnity Board continues to work toward providing a low cost and efficient method to indemnify grain producers when a grain buyer suffers a financial failure and cannot pay for delivered grain. The board worked with the reinsurance industry to devise a plan that will dramatically lower the cost of a fund to the producer.
To be able to present this more efficient indemnity fund to the producers for acceptance via a referendum, the board worked with legislators to amend TGPIB legislation in the 84th legislative session. The legislation was carried by Senator Craig Estes of District 30 and Representative Larry Phillips of District 62, and was filed as law effective immediately on May 19, 2015.
The corrective legislation as enrolled is available HERE.
CLICK HERE to access the Texas Agriculture code with complete legislation* related to TGPIB. (*NOTE: This has not been updated to reflect the 2015 amendments to the law)
TGPIB is currently in the process of reviewing and revising its rules to reflect the changes authorized by the newly passed legislation. Should you have any input you would like to provide in the rules, please CONTACT US.
Once the rules are revised, TGPIB will be exploring options for holding a producer referendum to establish a grain producer indemnity fund.
The board has the responsibility to continue to work toward creating an indemnity fund, but certainly understands producers will decide whether the tool is implemented.
– Daniel Berglund, Chairman
– Dee Vaughan, Vice Chairman