NYS DFS Requires Insurers & Premium Finance Companies to Allow Deferment

“The New York State Department of Financial Services (DFS) today adopted an emergency regulation requiring New York State regulated issuers of life insurance and annuity contracts, property and casualty insurers and premium finance agencies to provide relief to New York consumers and businesses experiencing financial hardship due to COVID-19.

• Consumers experiencing financial hardship due to COVID-19 may defer paying life insurance premiums for ninety (90) days.
• Consumers and small businesses experiencing financial hardship due to COVID-19 may defer paying premiums for property and casualty insurance for sixty (60) days.
• Premium finance agencies are required to provide the same relief as insurers. Certain producers must notify insureds of this emergency measure pursuant to the regulation.

This follows Governor Andrew M. Cuomo’s Executive Order No. 202.13.”

Read the Regulation