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The Federal Crop Insurance Corporation's Board of Directors (Board) approved revisions of the Dairy Revenue protection (DRP) plan of insurance on November 15, 2018. American Farm Bureau Insurance Services, Inc., owners of the DRP plan of insurance, requested the revisions.
The Board approved the following revisions:
Approved Insurance Providers (AIPs) are required to conduct reviews of eligible livestock price insurance contracts as described in Appendix IV of the LPRA. These reviews are intended to address suspected anomalies and program integrity concerns, or to assure that a company’s internal control processes are operational and effective. The required reviews include Data Mining Reviews, Individual Policy Reviews, Conflict of Interest Reviews, and $200,000 Indemnity Reviews.
As of March 28, 2019 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 Federal Crop Insurance Corporation Board of Directors approved the Dairy Revenue Protection (DRP) Plan of Insurance on February 13, 2018. DRP is a privately developed product that was approved under section 508(h) of the Federal Crop Insurance Act.
The Agricultural Act of 2014 (2014 Act) authorized the Margin Protection Program for Dairy (MPP-Dairy). MPP-Dairy, administered by the Farm Service Agency (FSA), is a voluntary program that offers both catastrophic coverage and various levels of buy-up coverage.
The Margin Protection Program for Dairy (MPP-Dairy), administered by the Farm Service Agency (FSA), and the Livestock Gross Margin for Dairy policy (LGM-Dairy), administered by the Risk Management Agency (RMA), offer similar risk management protection for dairy producers. Under the Federal Crop Insurance Act, producers are prohibited from participating in both programs at the same time.
The Federal Crop Insurance Act limited the amount of funds available to support livestock plans of insurance to $20 million per fiscal year. On February 9, 2018, the Bipartisan Budget Act of 2018 was signed into law removing the $20 million fund limitation placed on livestock plans of insurance offered by the Risk Management Agency (RMA).
