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Property and Casualty

COVID-19 Report

close up of a coronavirus molecule

Property and Casualty

COVID-19 Report

Tennessee

For Benefits Compliance specific state updates for Tennessee click here.

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

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April 08, 2020

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

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May 08, 2020

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

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