New York State Department of Financial Services Emergency Regulation
The Emergency Regulation and Executive Order 202.13 require insurers to provide the following relief to consumers and small businesses (defined as “any business that is resident in [New York State], is independently owned and operated, and employs 100 or fewer individuals”) who can demonstrate financial hardship due to COVID-19:
Life Insurance and Annuity Contracts
• Extend the grace period for the payment of premiums and fees to 90 days to ensure that the policyholder’s or certificate holder’s life insurance policy or certificate does not lapse for nonpayment during the 90-day period.
• Waive late payment fees otherwise due, and not report late payments to credit rating agencies, during the 90-day period.
• Allow premiums due but not paid during the 90-day period to be paid over the course of the following year in 12 equal monthly installments.
• Extend the period to exercise policyholder and contract holder rights and benefits under life insurance and annuity contracts to 90 days.
Property & Casualty
• Provide a 60-day grace period for the cancellation, conditional renewal or nonrenewal of an insurance policy held by a policyholder facing financial hardship due to COVID-19.
• Allow premiums due but not paid during the 60-day period to be paid over the course of the following year in 12 equal monthly installments.
• Waive any late payment fees, and not report late payments to credit rating agencies, during the 60-day period.
Insurers are required to accept a written attestation from a policyholder as proof of financial hardship as a result of the COVID-19 pandemic.
Whether the business climate is foggy or bright, today’s successful business owners and professional practices need appropriate insurance coverage, quality retirement and benefit plans, and even personal retirement and estate planning.
Richard E. Zacharoff & Associates can help you set your course – by addressing your financial needs and those of your employees. We have advised hundreds of business owners and professionals on strategies to meet their goals, maintain their capital, and strengthen their financial security since 1974.
Nearly 100% of our clients represent referrals and repeat business, reflecting the quality of the relationships we build with successful, self-made individuals and family-owned businesses.
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