Bost Announces Risk Management Agency Delays Crop Insurance Premium Payments

WASHINGTON, Aug. 16 -- Rep. Mike Bost, R-Illinois, issued the following news release:

U.S. Representative Mike Bost today announced that the U.S. Department of Agriculture's (USDA) Risk Management Agency (RMA) will defer accrual of interest for spring 2019 crop year insurance premiums for all agricultural producers until November 30, 2019. In June, Bost and members of the Illinois Congressional delegation sent a letter to the RMA requesting the deferral.

"After Southern Illinois was devastated by historic flooding this spring, my Illinois colleagues joined me in asking the RMA to delay crop insurance premium payments until later this fall," said Bost. "I'm glad that they listened to our concerns so that farmers in Illinois and across the country have peace of mind knowing that they have flexibility and extra time to make these payments."

"USDA's decision lends farmers much-needed flexibility in a year that hasn't afforded them many wins, either in the field or in the markets," said Illinois Farm Bureau President Richard Guebert Jr. "Farmers feeling the stress of this year's weather challenges and volatile commodity prices can breathe a sigh of relief knowing they have a bit more time to pay their crop insurance premiums without the threat of accruing additional interest."

Click here for more information (https://www.usda.gov/media/press-releases/2019/08/15/usda-using-flexibility-assist-farmers-ranchers-flooded-areas).