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Per LPRA Appendix IV, AIPs shall identify and conduct an inspection on any eligible livestock price insurance contract (ELPIC) with an indemnity of $200,000 or more.1 On April 12, 2019, RMA issued COM-19-001 to address the $200,000 Indemnity Review ($200K Review) requirements for aggregating losses by endorsement or insurance period for the Dairy Revenue Protection (DRP), Livestock Gross Margin (LGM), and Livestock Risk Protection (LRP) plans of insurance.
The Livestock Price Reinsurance Agreement (LPRA) requires Approved Insurance Providers (AIPs) conduct Conflict of Interest (COI) reviews. Livestock price insurance contracts were included in the Fall 2020 COI list but were removed from the Spring 2021 COI list. COM-20-008, issued on December 8, 2020, instructed AIPs to conduct livestock price insurance contract COI reviews in accordance with LPRA Appendix IV, Section III(b)(3)(A) beginning with reinsurance year (RY) 2021 insurance intervals of March.
