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The Risk Management Agency (RMA) is aware that some Approved Insurance Providers (AIPs) are decreasing their federal crop insurance business in specific crops, plans of insurance, and geographic areas. Actions taken to transfer the business to another AIP include terminating the agent/agency contract and decreasing their compensation.
The Risk Management Agency (RMA) has released a revised 2024 Livestock Price Reinsurance Agreement (LPRA) Appendix II, with changes to Exhibits V(b) and (c) in the 2024 LPRA Plan of Operation Template at www.rma.usda.gov/policy-procedure/reinsurance-agreements/livestock-price-reinsurance-agreement-archive. These exhibits were revised to include the new Wean Calf Revenue Protection (WCRP) program implemented this year.
On August 18, 2022, the Federal Crop Insurance Corporation Board of Directors approved the Weaned Calf Risk Protection (WCRP) program under section 508(h) of the Federal Crop Insurance Act. Features of the program effective for 2024 and succeeding crop years include:
On August 17, 2023, under section 508(h) of the Federal Crop Insurance Act the Federal Crop Insurance Corporation Board of Directors approved revisions to the Dairy Revenue Protection (DRP) Commodity Exchange Endorsement (CEE) for the 2024 crop year for all endorsements that have an effective date on or after September 16, 2023, and for the 2025 and succeeding crop years. The changes include:
DRP CEE:
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:
