In response to the COVID-19 Pandemic, states have issued guidance as it relates to extensions of grace periods for payment of insurance premiums. On March 29th, Governor Cuomo (NY) signed an executive order extending grace periods for payment of insurance premiums for small businesses who can demonstrate financial hardship as a result of the novel coronavirus (“COVID-19”) pandemic. The executive order is temporary but may be extended further.
The Executive order can be found:
https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency
as well as https://www.dfs.ny.gov/system/files/documents/2020/06/reg_consolidated_pt405_27a_27c_216_text.pdf
In addition to the above, the Department of Financial Services has also posted guidance for producers to accommodate electronic delivery of notices. The guidance is available on DFS’s website:
https://www.dfs.ny.gov/industry_guidance/electronic_notice_obligations
We will share additional updates as they become available.