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NYS DFS Requires Insurers & Premium Finance Companies to Allow Deferment

​"The New York State Department of Financial Services (DFS) today adopted an emergency regulation 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 ninety (90) days. Consumers and small businesses experiencing financial hardship due to COVID-19 may defer paying premiums for property and casualty insurance for sixty (60) days. Premium finance agencies are required to provide the same relief as insurers. Certain producers must notify…

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On Our Mind: Tips for Working From Home

​​​​​​​By Jim Lombardo, CPCU, AAI, AIM, MBA, AVP of Learning & Development​ ​Like many others, I have been working from home this past week. Our house is a bit crowded and our routines are obviously off, but we have made it!!! My wife hasn’t asked me to go back to the office ...yet. That being said, we should all take this time to: Eat healthy- try to establish a diet with a bit more emphasis on fruits and vegetables Exercise – even if you start small- a walk around the neighborhood (just maintain your six feet of distance to the next person!)  Do something different- take…

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NYSDFS: Even During Pandemic, Client Consent Required For Emailed Policies

​The New York State Department of Financial Services has reaffirmed its opinion that insurers and producers must obtain a client's consent before providing electronic copies of policies. Since the enactment of New York's Electronic Signatures and Records Act​ in 1999, the DFS has consistently interpreted it as requiring insurers and producers to obtain prior consent from clients before sending them any insurance documents in electronic form. Big I New York and others had suggested to the department that they waive the prior consent requirement during the state of emergency declared by the governor in response to the COVID-19 outbreak.  However, a new post​ on the department's website…

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