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Property and Casualty

COVID-19 Report

close up of a coronavirus molecule

Property and Casualty

COVID-19 Report

DEPARTMENT ISSUES NOTICE CONCERNING PREMIUM GRACE PERIODS

On March 24, 2020, the Tennessee Department of Commerce and Insurance issued Bulletin 20-03 requesting that all carriers should work with policy holders who have concerns about their ability to timely pay premium to ensure that policy holders can maintain their existing insurance coverage. Carriers should explain existing applicable grace periods that may allow policyholders to delay premium payments without losing coverage and explore ways to eliminate late fees, non-sufficient funds fees, and installment fees. Carriers should also work with employers or individuals to find the best ways to address concerns with the timing of premium payments in order to delay any cancellation of coverage for non-payment and collection activity.

TN Bulletin 20-03