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Moratorium, Premium Payment Flexibility Extended to July 6

​The emergency restrictions on insurance carriers' ability to terminate coverage and requirements for premium flexibility will stay in place until at least July 6, according to a new executive order. New York Gov. Andrew M. Cuomo issued the order ​on Saturday. Since March 30, insurers writing business in New York have been required to give an additional 60 days of coverage (90 days for life insurance) to any policyholder who can demonstrate financial hardship because of the COVID-19 pandemic and whose policy the insurer could legally cancel, non-renew or conditionally renew. They have also been required to offer policyholders who missed payments and can demonstrate…

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​Legislative Update: Uncertainty in Albany

What you need to know: The state legislature is anticipated to reconvene throughout the year, rather than adjourning in mid-June as is typical The legislature’s focus will be COVID-19, with many issues likely to affect IAs and policyholders We don’t yet know to what extent other issues will be considered. These are truly uncharted waters. Since mid-March, New York’s policy response to COVID-19 has been spearheaded by the state’s executive branch, through executive orders and emergency regulations. Until last week, the legislature was largely out of the picture.That changed on May 23rd, when Senate and Assembly leaders announced they would resume work virtually, beginning with…

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DFS To Require Expedited Handling of Riot Claims

​New York insurers will be required to expedite ​handling of insurance claims resulting from recent episodes of civil unrest, according to a recent announcement by New York Gov. Andrew M. Cuomo. The announcement came during the governor's daily briefing on June 3. A news release on the governor's website stated: The Governor also announced the State Department of Financial Services will issue an emergency regulation to help businesses and consumers who suffered damage from looting and vandalism by requiring New York State-regulated insurance companies to expedite the resolution and payment of related insurance claims based on similar emergency relief applied in the aftermath of Super Storm…

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