PRODUCT MANAGEMENT BULLETIN: PM–23-037
United States Department of Agriculture
Farm and Foreign Agricultural Services
Risk Management Agency
1400 Independence Avenue, SW
Stop 0801
Washington, DC 20250-0801
Date
June 30, 2023
To:
All Approved Insurance Providers
All Risk Management Agency Field Offices
All Other Interested Parties
All Risk Management Agency Field Offices
All Other Interested Parties
From:
Richard H. Flournoy, Deputy Administrator /s/ Richard H. Flournoy 6/30/2023
Subject:
Margin Protection Changes Effective for the 2024 and Succeeding Crop Years
- Background
-
The Federal Crop Insurance Corporation (FCIC) Board of Directors approved expansion of the Margin Protection (MP) crop insurance program, under section 508(h) of the Federal Crop Insurance Act, on November 17, 2022. The MP Provisions are also being revised to clarify a producer with an MP policy cannot transfer their base policy to another insurance provider or cancel their base policy to obtain insurance from another insurance provider.
- Action
-
The following documents will be available by close of business today on the Risk Management Agency (RMA) website at www.rma.usda.gov.
- Margin Protection Plan (24-MP)
- Margin Protection Plan Wheat Crop Provisions (24-MP-011)
- Margin Price Provisions for corn (24-MPP) (0041)
- Margin Price Provisions for soybeans (24-MPP) (0081)
Approved insurance providers must notify policyholders of these changes at least 30 days prior to the cancellation date, as required by the policy.
Interested producers should contact a crop insurance agent for further information. A list of agents can be found on the RMA website at www.rma.usda.gov/Information-Tools/Agent-Locator.
DISPOSAL DATE:
December 31, 2024