close up of a coronavirus molecule

Property and Casualty

COVID-19 Report

close up of a coronavirus molecule

Property and Casualty

COVID-19 Report

DEPARTMENT ISSUES BULLETIN TO PREMIUM FINANCE COMPANIES ENCOURAGING FLEXIBILITY WITH PREMIUM PAYMENTS

On April 3, 2020, the Tennessee Department of Insurance issued Bulletin 20-05 along with the Department of Financial Institutions in which it encouraged premium finance companies, to the greatest extent possible, to accommodate insureds by extending or providing grace periods for loan payments or to be otherwise flexible with respect to determinations of default under premium finance agreements. Moreover, in order to facilitate this accommodation, the Department of Commerce and Insurance is encouraging insurance carriers to work with premium finance companies to facilitate any grace period modifications.

TN Bulletin 20-05