The Manitoba government and the Manitoba Agricultural Services Corporation (MASC) have established two new trusts for Manitoba’s AgriInsurance and Hail Insurance programs.

“Establishing these trusts clearly demonstrates that these funds are strictly for the benefit of insured producers and provides greater transparency to the public in that these funds cannot be used by government for any other purposes,” said Manitoba Agriculture Minister Ralph Eichler. “The creation of these trusts, with MASC as the trustee, will provide continued assurance to participating producers the Manitoba government is committed to the industry and that these funds will be available when needed.”

As the trustee, MASC will remain in control of these funds and ensure they are solely for the benefit of Manitoba’s participating agricultural producers. The trusts will ensure that funds are only used for the benefit of insured producers and that no changes to the programs are forthcoming. This change protects these funds from use by future governments.

“MASC is committed to supporting Manitoba’s financial reporting initiative,” said Jim Wilson, chair of MASC. “I also want to assure agricultural producers that their contributions to the trusts will be available to pay indemnities when protection is needed in years of adversity and challenging weather conditions.”

AgriInsurance programs across Canada operate under the Canadian Agricultural Partnership, while The Hail Insurance program is solely funded by premiums paid by producers.