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Policy & Procedure

Product Management Bulletin-PM-15-015 2015 Reinsurance Year - Livestock Risk Protection Lamb Plan of Insurance Documents Release

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Date
To
All Approved Insurance Providers
All Risk Management Agency Field Offices
All Other Interested Parties
From
Tim B. Witt, Deputy Administrator /s/Rodger M. Matthews, for
Subject
2015 Reinsurance Year - Livestock Risk Protection Lamb (LRP-Lamb) Plan of Insurance Documents Release

Background

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. Producers interested in purchasing an LRP-Lamb Specific Coverage Endorsement must contact a crop insurance agent and complete an application that will be submitted through an Approved Insurance Provider (AIP). A list of crop insurance agents authorized by AIPs to write livestock insurance is on the Risk Management Agency (RMA) website at: www.rma.usda.gov/tools-reports/agent-locator

Action

The following 2015 reinsurance year LRP-Lamb materials containing program changes will be available, by close of business today, on the RMA website from the Livestock page at: www.rma.usda.gov/policy-procedure/general-policies/livestock-insurance-plans

Material

  • LRP-Lamb Specific Coverage Endorsement (SCE) (2015 LRP-Lamb)
  • Underwriting Rules (2015 LRP-Lamb Underwriting Rule)
  • LRP-Lamb FAQ
  • LRP-Lamb Special Provisions
  • LRP Lamb Fact Sheet

DISPOSAL DATE:
This Informational Memorandum is for the purpose of transmitting information and its disposal date is December 31, 2015.