The study aims to evaluate the implementation of the Rural Insurance Premium Subsidy Program, created by the Decree number 5121/2004 and managed by the Ministry of Agriculture, Livestock and Food Supply (Brazil). With the support of documented research and interviews with leaders of the Program, this evaluation presents the background of its creation, main features, implementation and results achieved. After, the results of the goals of the Program proposed by the public policy and in regard of the criteria of sufficiency of resources, management tools and social participation were evaluated. The analysis points to a partial efficiency of the Program. The interest in joining the Program still prevails, demonstrating its need and importance. It is important, however, to step up at some points, as the effective exercise of the role of the Interministerial Steering Committee of the Rural Insurance and assurance of budgetary resources when it is necessary.