Transparency in Policy Cancellations
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Issuing agencies
Abstract
The Federal Crop Insurance Corporation (FCIC) is making a technical amendment to its regulations by clarifying that an Approved Insurance Provider (AIP) may only cancel a crop insurance policy (policy) with express written consent from FCIC. This requirement is already binding in the Standard Reinsurance Agreement (SRA), which establishes the terms under which FCIC provides reinsurance and subsidies on eligible crop insurance policies sold by AIPs. By adding the same conditions to the regulation as are in the policy between the AIP and the producer, it provides greater transparency to producers about the existing rights in their policy. The changes to the crop insurance policies resulting from the amendments in this rule are applicable for the 2024 and succeeding crop years for crops with a contract change date on or after November 30, 2023. For all other crops, the changes to the crop insurance policies made in this rule are applicable for the 2025 and succeeding crop years.
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