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NYDFS Provides Temporary Relief to Consumers and Businesses from Certain Premium Payments

The New York State Department of Financial Services ("NYDFS") provided temporary relief to consumers and businesses from making premium payments to life insurance companies, property and casualty insurers, and premium finance agencies.

According to NYDFS, the emergency regulation requires regulated insurers to offer deferment periods of (i) 90 days for making life insurance and annuity contract premium payments and (ii) 60 days for making property and casualty insurance premium payments. In addition, NYDFS stated, premium finance agencies are expected to provide the same relief.

NYDFS noted that the emergency regulation is in accordance with Executive Order No. 202.13 ("Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency"), which was recently signed by New York Governor Andrew Cuomo in response to COVID-19.

Primary Sources

  1. NYDFS Press Release: DFS Takes New Action for Consumers and Small Businesses Facing Financial Hardship during COVID-19
  2. NYDFS Emergency Regulation

Tags

Regulated Activities
Business Continuity
Sub-Activity
Coronavirus
Regulated Entities
Other Financial Firms
Sub-Entity
Insurance Companies
Regulated Products
Insurance (as product)
Body of Law
Insurance Law
Jurisdiction
US - Federal
Organization
States
Sub-Author
NYDFS