The New York State Department of Financial Services (NYDFS) adopted an emergency regulation requiring New York State regulated insurers of property and casualty insurance to provide relief to New York consumers experiencing financial hardship due to COVID-19.
In accordance with Governor Andrew M. Cuomo's Executive Order No. 202.13. Property and Casualty Insurance. The emergency regulation directs Property and Casualty insurers to provide flexibility to consumers experiencing financial hardship caused by the pandemic under Commercial automobile, general liability, property/fire and umbrella insurance policies. NYDFS requires these insurers to provide the following relief to consumers who can demonstrate financial hardship due to COVID-19:
- Provide a 60-day grace period for the cancellation, conditional renewal or non-renewal of a policyholder's insurance policy
- Allow premiums due but not paid during the 60-day period to be paid over the course of the following year in 12 equal monthly installments
- Waive any late payment fees, and not report late payments to credit rating agencies, during the 60-day period
The emergency amendments can be found at Section 405.6 of Title 3; and Sections 185.7(m)(4) and 187.6(f)(4) and Part 229 of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York.
How to Demonstrate Financial Hardship:
If you, as an affected policyholder, are unable to make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, you may submit to SFM or your Insurance Agent, as applicable, a statement that you swear or affirm in writing under penalty of perjury that you are experiencing financial hardship as a result of the COVID-19 pandemic, which we, as applicable, must accept as satisfactory proof. Such statement need not be notarized.
If you have any questions regarding your rights under the Executive Order or regulations, please contact SFM or your Insurance Agent. We can be reached at 201-229-6021 or terri.koo@samsung.com
For additional information regarding NYDFS regulatory actions on the COVID-19 pandemic, visit www.dfs.ny.gov/industry/coronavirus.