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 NOTICE TO PREMIUM FINANCE COMPANIES CONCERNING PREMIUM GRACE PERIODS

On April 3, 2020, the Tennessee Department of Commerce and Insurance issued Bulletin 20-05 to premium finance companies and insurance companies encouraging 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. The Bulletin also encourages insurance carriers to work with premium finance companies to facilitate any grace period modifications.

TN Bulletin 20-05