New Yorkers affected by COVID-19 may defer paying life insurance premiums for 90 days
April 1, 2020 by Insurance Forums Staff
The New York State Department of Financial Services (DFS) adopted an emergency regulation March 30 requiring New York State regulated issuers of life insurance and annuity contracts, property and casualty insurers and premium finance agencies to provide relief to New York consumers and businesses experiencing financial hardship due to COVID-19.
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. Premium finance agencies are required to provide the same relief as insurers. This follows Governor Andrew M. Cuomo’s Executive Order No. 202.13.
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