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The CEPP – Forage Production requires factors to establish the insured’s amount of protection under the forage production program for the 2027 CY in certain states. The factors are applied to the commodity prices for corn, soybean meal, and class III milk during the published discovery periods.
Approved Insurance Providers (AIPs) are required to conduct reviews of eligible livestock price insurance contracts (ELPIC) on livestock plans of insurance (Livestock Gross Margin (LGM), Livestock Risk Protection (LRP), Dairy Revenue Protection (DRP), and Weaned Calf Risk Protection (WCRP)). These reviews (Data Mining, Individual Policy, Conflict of Interest, and $200,000 Indemnity ($200K)) are intended to address suspected anomalies, program integrity concerns, or to ensure that a company’s internal control processes are operational and effective.
In March 2020, the Risk Management Agency (RMA) began issuing Manager’s Bulletins to provide program flexibilities in response to COVID-19. These RMA-issued COVID-19 flexibilities can be found on the web at www.rma.usda.gov/coronavirus-resources.
Both the Dairy Revenue Production (DRP) and Livestock Gross Margin for Dairy (LGM-Dairy) programs require dairy producers to market an amount of milk that is proportionate to the amount of insurance coverage they have purchased. This milk must be sold to count towards milk being delivered to the market, or ‘marketed’.
On November 15, 2019, the Federal Crop Insurance Corporation's Board of Directors (Board) approved revisions to the Dairy Revenue protection (DRP) plan of insurance, under section 508(h) of the Federal Crop Insurance Act. The following revisions are applicable for the 2021 and succeeding crop years:
