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INSURANCE DIVISION ISSUES BULLETIN ON PREMIUM GRACE PERIODS
May 08, 2020
On March 25, 2020, the Rhode Island Insurance Division issued Insurance Bulletin Number 2020-4 Requests that insurers do the following:
- Provide as much flexibility as possible to allow insureds to maintain their existing coverage by implementing and extending grace periods for premium payments, allowing payment plans for premium payments and instituting whatever other measures necessary to assist insureds in avoiding or delaying cancellation or a lapse of insurance coverage.
- Institute alternative methods of payment for those insureds whose normal method of payment is affected by this emergency, like electronic payments.
- Institute additional flexibility in the form of waivers of late, insufficient funds and installment fees and penalties; extension of billing due dates; and premium grace periods.
Insurance Bulletin Number 2020-4