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The Federal Crop Insurance Act limited the amount of funds available to support livestock plans of insurance to $20 million per fiscal year. On February 9, 2018, the Bipartisan Budget Act of 2018 was signed into law removing the $20 million fund limitation placed on livestock plans of insurance offered by the Risk Management Agency (RMA).
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.
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.
FarmRisk, Inc. (FarmRisk), the developers of the Livestock Gross Margin (LGM) plan of insurance, advised the Federal Crop Insurance Corporation (FCIC) Board of Directors (Board) of their intent to continue maintenance of the LGM 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.
The Risk Management Agency (RMA) has released the 2018 Standard Reinsurance Agreement (SRA) and Appendices I, II, and IV, and the 2018 Livestock Price Reinsurance Agreement (LPRA) and Appendices I, II, and IV, which become effective July 1, 2017. The documents are located on the RMA website at: Reinsurance Agreements. The draft Appendix III that provides standards, procedure and instructions for reporting data to RMA will be issued by May 2017.
The 2017 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-procedure/appendix-iiim-13-handbook-index under the Appendix III/M13 directory.
Modifications in the 2017 Appendix III include:
The Risk Management Agency (RMA) has released the 2017 Standard Reinsurance Agreement (SRA) and Appendices I, II, and IV, and the 2017 Livestock Price Reinsurance Agreement (LPRA) and Appendices I, II, and IV, which become effective July 1, 2016. The documents are located on the RMA website at: www.rma.usda.gov/policy-procedure/reinsurance-agreements. The draft Appendix III that provides standards, procedure and instructions for reporting data to RMA will be issued by May 2016.
Changes for the 2016 crop year to the Whole Farm Revenue Protection (WFRP) plan of insurance included removal of the 35 percent of expected revenue limitation for animals and animal products (livestock) resulting in greater access to WFRP for these producers. Approved Insurance Providers (AIPs) and agents are reminded the WFRP policy requires underwriting capacity to be available for animals and animal products before an application may be accepted. WFRP uses the fund associated with conducting livestock programs, which is $20,000,000 each Fiscal Year.
The 2016 Appendix III to the Standard Reinsurance Agreement and the Livestock Price Reinsurance Agreement has been updated with approved modifications. Appendix III is available electronically via the Risk Management Agency (RMA) website at www.rma.usda.gov/policy-procedure/appendix-iiim-13-handbook-index under the Appendix III/M-13 directory.
Modifications in the 2016 Appendix III include:
