New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IX - Unfair Trade Practices
Part 229 - Insurer Practices During The Covid-19 Pandemic
Section 229.5 - Premium repayment, demonstration of financial hardship, and voluntary cancellation

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 229.5

Current through Register Vol. 46, No. 39, September 25, 2024

(a) An insurer shall permit a policyholder who did not make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, including a policyholder to whom the insurer issued a non-payment cancellation notice prior to the effective date of the Executive Order, and who can still demonstrate financial hardship as a result of the COVID-19 pandemic, to pay such premium over a 12-month period.

(b) Solely for the purposes of this Part, an insurer shall accept a written attestation from a policyholder as proof of financial hardship as a result of the COVID-19 pandemic.

(c) Nothing herein shall entitle a policyholder who demonstrated a financial hardship as a result of the COVID-19 pandemic and either received a moratorium for a specific policy or obtained relief for an amount due under the prior regulation, to obtain under the Executive Order and this Part an additional moratorium for a specific policy or further relief for an amount that comes due while this Part is in effect.

(d) Nothing shall prohibit a policyholder from voluntarily cancelling an insurance policy or annuity contract.

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