Farmers and ranchers are facing natural disasters in many parts of the nation causing catastrophic damage to crops. Concerns have been expressed about the requirement to pay crop insurance premiums timely to avoid accrual of interest.
As a result, RMA, via Managers Bulletin: MGR-23-004, has authorized AIPs to provide additional time for policyholders to make payment of premium payments and administrative fees. Interest accrual on premium payments and administrative fees will be waived to the earliest of an additional 60 days of the scheduled payment due date or the termination date on policies with premium billing dates between July 1, 2023, and September 30, 2023. AIPs will begin to accrue interest after this additional period for unpaid premium and administrative fees.
AIPs are also authorized to provide additional time for policyholders to make payment for Written Payment Agreements due between July 1, 2023, and September 30, 2023. Payments may be extended up to 60 days of the scheduled payment due date and considered a timely payment. Such extension time will not be considered a modification of the Written Payment Agreement, and the AIP may waive any additional interest for the payment during this 60-day period.
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