DEPARTMENT OF FINANCIAL SERVICES ISSUES EMERGENCY RULE REQUIRING PREMIUM GRACE PERIOD
On March 30, 2020, the New York Department of Financial Services promulgated an Emergency Regulation in which property and casualty insurers are required to provide flexibility to consumers experiencing financial hardship caused by the pandemic by extending to 60 days the grace period for the payment of premiums and fees under auto, homeowners and renters insurance policies, among others. An attestation by the insured concerning financial hardship will be sufficient proof. The Rule also clarified that insureds will be able to pay the delinquent premiums over a 12-month period.
NY Emergency Rule