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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.
Beginning with the 2008 crop year, the Risk Management Agency (RMA) released a new version of the Tobacco Crop Provisions combining two previously existing programs for tobacco into a single policy. The 2008 issuance of the policy included provisions from both previously existing policies, the Quota Tobacco Crop Provisions and the Guaranteed Tobacco Crop Provisions.
On February 22, 2024, the Federal Crop Insurance Corporation (FCIC) Board of Directors approved expansion of the Nursery Value Select (NVS) pilot crop insurance program to all states and counties beginning with the 2025 crop year.
Under NVS, there are two sets of program dates, depending on location:
Since the fall of 2023, the Risk Management Agency (RMA) received helpful feedback on Hurricane Insurance Protection - Wind Index (HIP-WI) Tropical Storm Option (TS). The most common request was for more information about how the policy works. In response, to facilitate increased understanding of HIP-WI and TS, RMA created additional tools for farmers, agents, and Approved Insurance Providers.
Updated tools, including a video and podcast, are available on the RMA website at the links below. Please share these links with your agents and customers.
Adjacent counties for the Hurricane Insurance Program - Wind Index (HIP-WI) are determined in accordance with the definition contained within the HIP-WI Endorsement.
Adjacent county - Counties identified in the US Census County Adjacency File located at www2.census.gov/geo/docs/reference/county_adj acency.txt or successor location, unless modified in the actuarial documents.
On July 19, 2017, RMA issued COM-17-003 to transmit a review matrix to Approved Insurance Providers (AIPs) which addressed frequently asked questions about review requirements and provided a document entitled Guidance for Updating the SRA Appendix IV Review Matrix. The required reviews under SRA Appendix IV include Data Mining Reviews, Operational Reviews, and Rainfall Index Reviews.
The Risk Management Agency (RMA) approved the 2024 CY projected prices shown below for the following plans of insurance: Yield Protection, Revenue Protection, and Revenue Protection with Harvest Price Exclusion. RMA approved 2024 CY volatility factors shown below for the Revenue Protection and Revenue Protection with Harvest Price Exclusion plans of insurance. The projected prices and volatility factors are applicable for the states, crops, and types indicated in the subsequent tables.
For the Common Crop Insurance Policy and Area Risk Protection Insurance, the Risk Management Agency (RMA) approved 2024 CY projected prices and price volatility factors for insurance offers with a projected price discovery period of February 1, 2024, through February 29, 2024. These values may be viewed in the attachment and on RMA’s Price Discovery portal, located here: public-rma.fpac.usda.gov/apps/PriceDiscovery.
These values will also be available at the following locations on RMA’s website by March 5, 2024:
As of March 01, 2024 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:
