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 OF BANKING AND INSURANCE ISSUES BULLETIN CONCERNING CANCELLATION OF POLICIES DUE TO NONPAYMENT

On March 19, 2020, the New Jersey Department of Banking and Insurance issued Bulletin 20-04 to all entities regulated by the Departments concerning the disruptions from COVID-19. In part, the Insurance Division encouraging carriers to relax due dates for premium payments and insurance policy based loan payments, extending grace periods, waiving late fees and penalties, allowing for forbearance with regard to cancellation / nonrenewal of policies, allowing payment plans for premium payments, extending time frames to complete property and automobile inspections or undergo medical exams, and exercising judicious efforts to assist affected policyholders and work with them to ensure their policies don’t lapse.

NJ Bulletin 20-04