Monthly Archives: June 2020

New Emergency Regulation: Insureds Get Moratorium, Premium Payment Help One Time Only

​The new emergency regulation issued by the New York State Department of Financial Services on Sunday limits the number of times that a policyholder can benefit from the moratorium on policy terminations and changes and the relaxed premium payment rules. The rule makes it clear that policyholders suffering financial hardship because of the COVID-19 pandemic may benefit from these provisions only once. The regulation, labeled Regulation 216, replaced a version of the same regulation that was issued on March 30 for three months. Like its predecessor, it imposes a 60-day moratorium on insurers' ability to cancel, non-renew or conditionally renew policies issued to individuals and…

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DFS Adopts (Slightly) New Insurance Regulation, Big I NY-Supported Change Included

​Yesterday, the NYS Department of Financial Services (DFS) issued a new emergency regulation​, which is a slightly revised version of the March 30th emergency insurance regulation imposing a moratorium on policy cancellations and proving a 12-month grace period for repayment. The previous emergency regulation expired on June 28th, and the replacement emergency regulation is in effect until the expiration of Executive Order 202.13, currently July 6th. The new emergency regulation is substantially the same as the original emergency regulation. Importantly, however, the new regulation does not include the requirement that producers notify customers of the regulation's provisions. Big I NY had urged the DFS to eliminate this requirement, as it would be…

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​Big I NY Calls for Common-Sense Amendments to Emergency Insurance Regulation

Big I NY has asked the Department of Financial Services for two amendments to the current emergency insurance regulation, which imposes a moratorium on cancellations and non-renewals, and grants a 12-month grace period for repayment of premiums, for policyholders suffering hardship due to COVID-19.  We expect the emergency regulation will be amended or re-issued prior to its expiration on June 28th, since the governor has ordered that the cancellation moratorium and grace period provisions remain in effect until July 6th (a detailed discussion of the reason for the two different dates follows). We have asked the DFS to: Remove the requirement that producers notify customers of the…

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