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The Federal Crop Insurance Corporation's Board of Directors (Board) approved revisions to the Livestock Risk Protection (LRP) plan of insurance for Feeder Cattle, Fed Cattle, and Swine, under section 508(h) of the Federal Crop Insurance Act, on May 21, 2020. The following revisions are applicable for the 2021 and succeeding crop years:
The Federal Crop Insurance Corporation's (FCIC) Board of Directors (Board) approved changes to the Livestock Risk Protection (LRP) plan of insurance for Feeder Cattle, Fed Cattle, and Swine, under section 508(h) of the Federal Crop Insurance Act, on May 21, 2020. The Board approved the following changes requested by Applied Analytics Group, the submitters of the LRP plan of insurance:
The Livestock Gross Margin (LGM) actual gross margins are posted by the Risk Management Agency (RMA) by the end of the first full business week of the months of February, April, June, August, October, and December. Due to the COVID-19 pandemic and its impact on the livestock industry, RMA is expediting the release of actual ending values to allow producers to receive payments faster.
The Federal Crop Insurance Corporation's (FCIC) Board of Directors (Board) approved revisions of the Livestock Risk Protection for Feeder Cattle, Fed Cattle, and Swine plans of insurance on May 24, 2018. The revisions were requested by Applied Analytics Group, the owners of the LRP plans of insurance. The Board approved the following revisions for the 2020 crop year starting July 1st:
Adjustment to Price Adjustment Factor for LRP Feeder Cattle: Modify the Price Adjustment Factor for Predominately Dairy to 50% for both weight ranges.
The Federal Crop Insurance Corporation's (FCIC) Board of Directors (Board) approved revisions of the Livestock Gross Margin (LGM) for Cattle, Dairy Cattle, and Swine plans of insurance on March 27, 2019, submitted under Section 523(b) of the Federal Crop Insurance Act.
The revisions include removing the following program limitations for the 2020 crop year starting July 1, 2019:
Approved Insurance Providers (AIPs) are required to conduct reviews of eligible livestock price insurance contracts as described in Appendix IV of the LPRA. These reviews are intended to address suspected anomalies and program integrity concerns, or to assure that a company’s internal control processes are operational and effective. The required reviews include Data Mining Reviews, Individual Policy Reviews, Conflict of Interest Reviews, and $200,000 Indemnity Reviews.
Applied Analytics Group (AAG), the developers of the Livestock Risk Protection – Fed Cattle/Feeder Cattle/Swine (LRP-Fed Cattle/Feeder Cattle/Swine) plans of insurance, advised the Federal Crop Insurance Corporation (FCIC) Board of Directors (Board) of their intent to continue maintenance of the LRP-Fed Cattle/Feeder Cattle/Swine plans of insurance and charge a user fee to approved insurance providers (AIP) selling the plan.
