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RMA Makes Changes to the Conflict of Interest Process Farmers Mutual Hail would like to notify all agents of the revisions that the Risk Management Agency (RMA) made to the Conflict of Interest (COI) process beginning with the 2009 reinsurance year. The updated process now requires all MPCI writing agents to complete and submit a Conflict of Interest Disclosure Statement prior to the earliest applicable acreage reporting date each year, regardless of whether or not they have a conflict. As outlined in bulletin MGR-08-001, RMA requires all licensed and appointed MPCI agents to complete a COI form for each Approved Insurance Provider (AIP) that they write business with. To comply with these requirements, FMH will need all agents who are currently licensed, appointed, and writing MPCI with FMH to complete and submit a COI form to us by their earliest applicable acreage reporting date. To ensure that the form has been completed timely FMH will require and will prompt each eCrop user, after each reinsurance year’s crop roll. to complete a COI form upon signing in. Once the form is completed and validated (email from FMH webmaster opened and link clicked on) you will not be prompted for this form again until the next reinsurance year. One significant procedural change that began with the 2009 reinsurance year is that any relative’s MPCI policy written through the discloser’s agency will require a mandatory APH and claim review in the event of a loss. In addition, RMA has stated that it will be the responsibility of the AIP to determine if an elective mandatory APH and claim review should be completed in the event of loss when reviewing all business, financial, legal and familial policyholder relationships that are disclosed through this process. Previous to these revisions, mandatory APH and claim reviews were confined to an individual directly associated with the federal crop insurance program (agent, adjuster, AIP employee, etc.). RMA reminds us in their bulletin that any changes to the COI Disclosure Statement submitted to an Approved Insurance Provider (AIP) for a given reinsurance year, must be reported by the discloser to the AIP within 15 days of entering into a relationship that requires disclosure (i.e. business, financial, legal, or familial relationships with an MPCI policyholder). Farmers Mutual Hail would like to thank you in advance for your cooperation and assistance with this requirement. Please contact Cindi Anderson at 800-247-5248, ext. 533 with any questions. |
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PLEASE NOTE: All MPCI writing agents are required to complete |
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