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The Risk Management Agency (RMA) revised the Rainfall Index (RI) Common Policy and the Pasture, Rangeland, Forage (PRF) Crop Provisions for 2024 and succeeding crop years for the August 31, 2023, contract change date and for the 2025 crop year for insurance plans with a contract change date prior to August 31, 2023. The changes include:
PRF Crop Provisions:
Farmers and ranchers are facing natural disasters 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 2024 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 2024 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.
The Livestock Risk Protection (LRP) Basic Provisions requires livestock to be owned by the producer within the last 60 days of the insurance period or the endorsement is terminated with premium owed, but no indemnities payable.
The Federal Crop Insurance Corporation (FCIC) Board of Directors (Board) approved revisions to the Livestock Risk Protection (LRP)-Fed Cattle plan of insurance under section 508(h) of the Federal Crop Insurance Act on February 17, 2023, and April 19, 2023. The FCIC Board also approved revisions to the Livestock Gross Margin (LGM) plans of insurance under section 508(h) of the Federal Crop Insurance Act on May 19, 2022, and April 19, 2023. Updates were also made to the Dairy Revenue Protection (DRP) program.
As of April 04, 2023 the following information is now available on the FTP site:
Users can find this information in the following directories:
Additional notes and details regarding this data release:
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-procedure/appendix-iiim-13-handbook-index under the Appendix III/M-13 directory.
