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The Common Crop Insurance Policy, Basic Provisions and Livestock policies state that interest will accrue starting the first day of the month, following issuance of the notice of premium due by the Approved Insurance Provider (AIP), provided that a minimum of 30 days has passed from the premium billing date.
The Federal Crop Insurance Corporation Board of Directors (Board) approved revisions to the Livestock Gross Margin (LGM) plan of insurance for Cattle, Dairy, and Swine, under section 508(h) of the Federal Crop Insurance Act, on June 23, 2020. The following revisions are applicable for the 2021 and succeeding crop years:
The 2021 Appendix III to the Standard Reinsurance Agreement and the Livestock Price Reinsurance Agreement (Appendix III) has been updated with approved modifications. Appendix III is available electronically via the Risk Management Agency (RMA) website at www.rma.usda.gov/Policy-and-Procedure under the Appendix III/M-13 directory.
Modifications in the 2021 Appendix III include the following crop insurance program changes:
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 Agricultural Marketing Service (AMS) has suspended reporting of the National Weekly Slaughter Sheep Review (LM_LM352) formula price to comply with confidentiality requirements.
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.
Both the Dairy Revenue Production (DRP) and Livestock Gross Margin for Dairy (LGM-Dairy) programs require dairy producers to market an amount of milk that is proportionate to the amount of insurance coverage they have purchased. This milk must be sold to count towards milk being delivered to the market, or ‘marketed’.
On November 15, 2019, the Federal Crop Insurance Corporation's Board of Directors (Board) approved revisions to the Dairy Revenue protection (DRP) plan of insurance, under section 508(h) of the Federal Crop Insurance Act. The following revisions are applicable for the 2021 and succeeding crop years:
