Coronavirus (COVID-19); Industry News

The New York State Department of Financial Services last weekend clarified the current moratorium on terminating and changing insurance policies. A new “frequently asked questions” (FAQ) page on the DFS website explained the rules: IF the terms of the policy permit the carrier to cancel, non-renew or conditionally renew it on a specific date; AND the policyholder can demonstrate financial hardship because of the pandemic; THEN the 60-day moratorium begins on that date. For example, suppose the insurer sent a non-renewal notice on February 1. The policy will expire April 16. The policyholder demonstrates financial hardship. The insurer must delay the non-renewal until June 15.…

​Progressive donation to provide relief to Big ‘I’ members facing pandemic challenges.​ ALEXANDRIA, VA, April 16, 2020— The Independent Insurance Agents & Brokers of America (the Big “I”) is pleased to announce that Progressive Insurance has donated $2 million dollars to establish the Trusted Choice® COVID-19 Relief Fund in response to the economic and operational challenges the coronavirus crisis has presented to independent agencies. The grant will be dispersed directly to independent agencies via a Big “I” application process to meet those agencies’ critical needs in the midst of the pandemic.  Independent agencies can apply for assistance online​. “The Big ‘I’ is so grateful for Progressive’s…

​Similar to the requirements that have had property-casualty insurance producers emailing their clients for the past week, a new state regulation requires health insurance producers to notify their clients about new temporary rules. An emergency regulation issued by the New York State Department of Financial Services last week requires health plans and insurers to make certain concessions to customers experiencing financial hardship due to the COVID-19 pandemic. DFS issued the regulation to comply with an executive order issued by Gov. Andrew Cuomo on April 7. The regulation, which is in effect from April 7 to May 7, applies to insurers, health maintenance organizations (HMOs), and…