DFS Says Premium Finance Company Restrictions Apply To Each Installment
The New York State Department of Financial Services has confirmed to Big I New York that the moratorium on premium finance companies (PFCs) cancelling policies applies separately to each installment payment. Each installment is also eligible for alternative payment arrangements. An emergency regulation issued by the DFS in late March, on orders from the governor, requires PFCs to delaty cancelling policies when a policyholder misses an installment payment because of financial hardship resulting from the COVID-19 pandemic. It also requires them to permit these policyholders to make up the missed payment over a twelve-month period. Big I New York members have reported that PFCs have…