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The Risk Management Agency (RMA) has released the 2024 Standard Reinsurance Agreement (SRA) and Appendices I, II, and IV, and the 2024 Livestock Price Reinsurance Agreement (LPRA) and Appendices I, II, and IV, which become effective July 1, 2023. The documents are located on the RMA website at: www.rma.usda.gov/policy-procedure/reinsurance-agreements.
Farmers and ranchers are facing widespread drought conditions along with other considerations in many parts of the nation, causing catastrophic damage to crops. Concerns have been expressed about the requirement to pay crop insurance premiums timely to avoid accrual of interest.
The 2023 Appendix III to the Standard Reinsurance Agreement and the Livestock Price Reinsurance Agreement (Appendix III) has been updated with approved modifications. Appendix III will be available tomorrow electronically via the Risk Management Agency (RMA) website at www.rma.usda.gov/Policy-and-Procedure/Appendix-III-M13-Handbook-Index under the Appendix III/M-13 directory.
Modifications in the 2023 Appendix III include the following crop insurance program changes:
Due to the continuing severe drought conditions impacting many parts of the nation, producers are struggling to find adequate supplies of feed or forage, causing them to market their livestock sooner than anticipated. In response, the United States Department of Agriculture has announced measures to assist producers affected by severe weather events including drought.
The Federal Crop Insurance Corporation’s Board of Directors (Board) approved revisions to the Livestock Risk Protection (LRP) plans of insurance, under section 508(h) of the Federal Crop Insurance Act, on August 25, 2021, November 19, 2021, and February 17, 2022. The following revisions are applicable for the 2023 and succeeding crop years:
