DFS Takes New Action for Consumers and Small Businesses Facing Financial Hardship During Covid-19; Adopts Emergency Regulation Mandating Deferrals of Premium Payments for Life and Property And Casualty Insurance

Posted to Applied Web NY on Mon, 03/30/2020 - 17:23

The New York State Department of Financial Services (DFS) today adopted an emergency regulation requiring New York State regulated issuers of life insurance and annuity contracts, property and casualty insurers and premium finance agencies to provide relief to New York consumers and businesses experiencing financial hardship due to COVID-19. Consumers experiencing financial hardship due to COVID-19 may defer paying life insurance premiums for ninety (90) days. Consumers and small businesses experiencing financial hardship due to COVID-19 may defer paying premiums for property and casualty insurance for sixty (60) days. Premium finance agencies are required to provide the same relief as insurers. This follows Governor Andrew M. Cuomo’s Executive Order No. 202.13.