[Fredslist] Important New York Insurance Information

Tue Mar 31 21:12:54 UTC 2020

Greetings, across the Gotham Spectrum -

I just received the following information, which I think is important to get out to everyone:

On March 30, 2020, following an executive order by the Governor of New York, the New York Department of Financial Services (DFS) issued an emergency regulation requiring insurers to grant premium payment relief to New York consumers and small businesses experiencing financial hardship due to COVID-19. With respect to property/casualty insurance policies, including policies written on a surplus lines basis (known as "excess lines" in New York), insurers are prohibited from cancelling policies that are 60 days or less overdue. For purposes of the regulation, a "small business" is defined as any business that is resident in New York, is independently owned and operated, and employs 100 or fewer individuals. Insurers are required to accept a written attestation from a policyholder as proof of financial hardship as a result of COVID-19.
*          The emergency regulation also provides that, with respect to any policyholder that did not timely pay premium and who attests to experiencing financial hardship due to COVID-19:
*          Insurers may not impose any late fees relating to such late premium payments;
*          Insurers may not report the policyholder to a credit reporting agency or refer the policyholder to a debt-collection agency with respect to such late premium payments;
*          Insurers must permit affected policyholders who do not make a timely premium payment, and who attest to still experiencing financial hardship due to COVID-19, to pay such late premium over a 12-month period;
*          No later than April 13, 2020:
o          With each insurance premium bill, insurers must include a notice of the provisions of the emergency regulation and a toll-free number that the policyholder may call to discuss billing and make alternative payment arrangements.
o          Each insurer must notify insurance producers and any third-party administrators with which the insurer does business of the provisions of the emergency regulation.
o          Licensed insurance producers who service an in-force life insurance policy, annuity contract, or fraternal benefit society certificate for a New York policyholder or who procured a property/casualty insurance policy for a New York policyholder, must mail or deliver notice to the policyholder of the provisions of the emergency regulation.

You can view and/or download a copy of the Governor's executive order here: https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency<https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency>

BRS

**PLEASE NOTE MY NEW EMAIL ADDRESS - SAME FIRM; NEW NAME**

Bruce R. Swicker
Vice President, Lawyers Program

[cid:image001.jpg at 01D60777.63E2A9F0]

210 Hudson Street, Suite 601, Jersey City, NJ 07311
bruce.swicker at epicbrokers.com<mailto:bruce.swicker at epicbrokers.com>
(201) 356-0104 Direct  |  (212) 764-6740 Direct  |  (929) 280-1672 Cell
epicbrokers.com  | CA License 0B29370
Edgewood Partners Insurance Center

[cid:image002.gif at 01D60777.63E2A9F0]<https://www.linkedin.com/company/epicinsurancebrokers/>  [cid:image003.gif at 01D60777.63E2A9F0] <https://www.facebook.com/EPICInsuranceBrokersAndConsultants?bookmark_t=page>

*********************************************************************** This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message, which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. ***********************************************************************
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://gothamnetworking.com/pipermail/fredslist_gothamnetworking.com/attachments/20200331/12e5fef0/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 3518 bytes
Desc: image001.jpg
URL: <http://gothamnetworking.com/pipermail/fredslist_gothamnetworking.com/attachments/20200331/12e5fef0/attachment.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.gif
Type: image/gif
Size: 3561 bytes
Desc: image002.gif
URL: <http://gothamnetworking.com/pipermail/fredslist_gothamnetworking.com/attachments/20200331/12e5fef0/attachment.gif>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.gif
Type: image/gif
Size: 4123 bytes
Desc: image003.gif
URL: <http://gothamnetworking.com/pipermail/fredslist_gothamnetworking.com/attachments/20200331/12e5fef0/attachment-0001.gif>