On April 7, 2020, The Department of Financial Services issued Emergency Regulation 62, which requires your insurer to provide a 90 day grace period for certain policies that are written in New York State.
Policy Types:
Individual Life Insurance Policies, Annuity Contracts, and Fraternal Benefit Society Certificates
Find the notice here: Life Annuity – Producer Notice NYS Premium
Certain Property & Casualty Policies
Find the notice here: Property Casualty Producer Notice NYS Premium
If you are an individual, generally, personal lines property/casualty insurance policies are covered by these amendments, including auto, homeowners’ and renters’ insurance. If you are an individual and an affected policyholder, please contact your insurer or broker if you are uncertain whether your policy is covered.
If you are a small business, only certain types of commercial lines property/casualty insurance policies are covered by these amendments, generally including property, fire, commercial general liability, special multiperil, medical malpractice, workers’ compensation, commercial auto (including livery and other for-hire vehicles), and commercial umbrella insurance. A business qualifies as a “small business” if it is resident in New York State, is independently owned and operated, and employs 100 or fewer individuals. If you are a small business and an affected policyholder, please contact your insurer or broker if you are uncertain whether your policy is covered.
Certain Health Insurance Policies
Find the notice here: Ind Small Group – Health – Producer Notice NYS Premium
If you are an individual and purchased an individual health insurance policy. If you are an individual and an affected policyholder, please contact your insurer or broker if you are uncertain whether your policy is covered.
If you are a small business, A business qualifies as a “small business” if it is resident in New York State, is independently owned and operated, and employs 100 or fewer individuals. If you are a small business and an affected policyholder, please contact your insurer or broker if you are uncertain whether your policy is covered.
How to Demonstrate Financial Hardship
If you are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you may submit to your insurer or premium finance agency, as applicable, a statement that you swear or affirm in writing under penalty of perjury that you are experiencing financial hardship as a result of the COVID-19 pandemic, which the insurer or premium finance agency, as applicable, shall accept as satisfactory proof. Such statement is not required to be notarized.
Contact your carrier, or your SDL + GHS Account Executive for more details.
