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…