On March 29, 2020, Governor Andrew M. Cuomo issued Executive Order 202.13, which, among other things, temporarily suspended or modified certain sections of the Insurance Law and Workers’ Compensation Law to provide temporary insurance relief for those effected by the COVID-19 pandemic.
Regulations will be issued in the near future allowing consumers and small businesses experiencing financial hardship due to COVID-19 to defer paying health insurance premiums through June 1, 2020.
Consumers experiencing financial hardship due to COVID-19 may defer paying life insurance premiums for 90 days.
Consumers and small businesses experiencing financial hardship due to COVID-19 may defer paying premiums for property and casualty insurance for 60 days
The Executive Order also imposes a moratorium on an insurer, other than a life insurer, cancelling, non-renewing, or conditionally renewing any property/casualty insurance policy issued to a property/casualty policyholder for a period of 60 days, for any property/casualty policyholder facing financial hardship as a result of the COVID-19 pandemic.
The Executive Order also directed the superintendent to promulgate emergency regulations necessary to implement the Executive Order, including regulations regarding: (1) the waiver of late fees; (2) the prohibition on reporting negative data to credit reporting agencies; and (3) the repayment of late premiums over a one-year period.
This alert does not purport to be a substitute for advice of counsel on specific matters. Should you have any questions or concerns, please feel free to contact us, we are here to assist!
