For Benefits Compliance specific state updates for Virginia click here.
Bureau of Insurance Issues Notice on Premium Grace Periods
On March 27, 2020, the Virginia Bureau of Insurance issued a Notice strongly encouraging insurers to consider taking the following actions, consistent with prudent insurance practices:
- Insurers should consider relaxing due dates for premium payments, extending grace periods, waiving late fees and penalties, and allowing payment plans for premium payments to otherwise avoid a lapse in coverage.
- Insurers should also consider cancellation or non-renewal of policies only after exhausting all other reasonable efforts to work with policyholders to continue coverage.