There have been recent Executive Orders and Insurance Regulation Amendments in the state of New York, as a result of the COVID-19 situation:
- Insurers operating in the State of New York may not impose fees of late payment of premiums caused by COVID-19 disruption and must accept a policyholder’s written attestation as proof of financial hardship.
- Insurers are prevented from reporting policyholders to credit or debt collection agencies where payment has been delayed because of the virus and says affected customers must be allowed to pay premiums over a 12-month period.
- In addition to these requirements, insurers are compelled to notify their clients of the new regulation as part of the billing process and to set up a toll-free hotline.
The Executive Order and New York Department of Financial Services Amendments are included in the links below:
If you have any questions about these notices and how it relates to your insurance situation, please contact us at 845-986-1177 or see our COVID-19 Resource Page. For more information on the illness, please refer to the CDC’s fact sheet or FAQ section of the CDC website.