The New York State Department of Financial Services (DFS) has adopted emergency regulations that require issuers of Property and Casualty insurance to assist New York consumers who are experiencing financial hardship due to COVID-19, in response to Governor Andrew M. Cuomo's Executive Order No. 202.13.
Property and Casualty Insurance for Individual Customers:
The DFS' emergency regulation has directed insurers to assist customers who are experiencing and can demonstrate financial hardship caused by the COVID-19 pandemic. As such, we are providing our customers, who are enduring financial hardship due to COVID-19, with the following:
- Allowing for a 60-day grace period for the cancellation, conditional renewal or non-renewal of a policyholder’s insurance policy for failure to pay premiums.
- During the 60-day period, waiving any late payment fees. These late payments will not be reported to credit-rating agencies.
- Upon request, allow for the payment of overdue premium, accrued during the 60-day period, to be paid over 12-months in equal installments.
A copy of the Executive Order and regulations can be found at https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency and https://www.dfs.ny.gov/system/files/documents/2020/03/re_consolidated_amend_pt_405_27a_27c_new_216_text.pdf , respectively.
For additional information regarding DFS regulatory actions on the COVID-19 pandemic, please visit https//www.dfs.ny.gov/consumers/coronavirus.
If you have been affected by COVID-19 pandemic and you can demonstrate a financial hardship eligible under the amendments, we encourage you to contact our customer service department at 800-425-9113 to discuss how we may assist.