Lamb

Background

The Agricultural Marketing Service (AMS) has suspended reporting of the National Weekly Slaughter Sheep Review (LM_LM352) formula price to comply with confidentiality requirements.

The Federal Crop Insurance Corporation Board of Directors approved a number of program changes to the LRP-Lamb plan of insurance including: 1. A revised price prediction model;

2. Revised definition of “Insured Lambs”;

3. Removal of the 20-week endorsement;

4. Added language to prevent assignment of indemnities to businesses buying, selling, marketing, or packing lambs;

5. Changes to the daily and annual sales limit; and

6. Modifications to how the actual ending values are calculated.

The Federal Crop Insurance Corporation Board of Directors approved a number of program changes to the LRP-Lamb plan of insurance including: 1. A new price prediction model; 2. A revised definition of “Insured Lambs”; 3. Removal of the 20-week endorsement; 4. Added language to prevent assignment of indemnities to businesses buying, selling, marketing, or packing lambs; 5. Changes to the daily and annual sales limit; and 6. Modifications to how the actual ending values are calculated. LRP-Lamb is targeted to have sales resume in May 2015.

As of April 29, 2019 the following information is now available on the FTP site:

• 2020 Actuarial Data Master for the 4/30 Filing Date, YTD, and Daily Files.
• 2020 Special Provisions for the 4/30 Filing Date.

Users can find this information in the following directories:

• 2020 Actuarial Data Master are in the References/Actuarial_Data_Master/2020 directory.
• 2020 Special Provisions are in the Special_Provisions/2020 directory.

Additional notes and details regarding this data release:

American Sheep Industry Association (ASI), the developers of the Livestock Risk Protection – Lamb (LRP-Lamb) plan of insurance, advised the Federal Crop Insurance Corporation (FCIC) Board of Directors (Board) of their intent to continue maintenance of the LRP-Lamb plan of insurance and charge a user fee to approved insurance providers (AIP) selling the plan. Section 522(b)(4)(C) of the Federal Crop Insurance Act (Act) allows submitters to maintain approved 508(h) products and charge a user fee to approved insurance providers (AIP) that elect to sell the policy.