{"id":"NJ-105","kind":"order","level":"sector-regulator","jurisdiction":"New Jersey","state":"NJ","metro":"","industry":"","agency":"","eco":"","issuer":"Marlene Caride, Commissioner of Banking and Insurance","authority":"EO 123 (2020); N.J.S.A. 17:1-8.1, 17:1-15","instrument":"Department of Banking and Insurance Bulletin No. 20-15","title":"90-day grace period for property and casualty insurance premium payments due to the disruption caused by COVID-19; alternate payment methods to eliminate in-person payment","dateIssued":"2020-04-10","effective":"2020-04-10 (grace period retroactive at the insured\u0027s election)","end":"Grace periods ran their 90-day terms; EO 123 remained in effect to January 1, 2022","startDate":"2020-04-10","endDate":"2022-01-01","quarters":["2020Q2","2020Q3"],"types":["OTHER"],"addressees":["all insurers transacting property and casualty insurance in New Jersey; all licensed insurance producers"],"clause":"\u0022The Department of Banking and Insurance (\u0027Department\u0027) is issuing this Bulletin to direct all property and casualty insurance carriers to extend a grace period to their insureds as set forth herein.\u0022... \u0022small businesses in the travel, entertainment, hospitality, and food service industries, have been adversely impacted by significant drops in business activities resulting, for some entities, in dramatic declines in revenue.\u0022... \u0022In addition, to eliminate the need for in person payment methods, in order to protect the safety of workers and customers, all agents, brokers, and other licensees who accept premium payments on behalf of insurers must take steps to ensure that customers able to make payments have the ability to make prompt insurance payments through alternate methods of payment, such as online payments.\u0022","enforcement":"DOBI regulatory authority; EO 123","functions":["IN insurance (no cancellation for nonpayment for 90 days; claims paid)","CC/CB producer offices (in-person payment methods replaced)"],"notes":"The regulator\u0027s own finding of \u0022dramatic declines in revenue\u0022 in travel, entertainment, hospitality and food service in April 2020.","sourceUrl":"https://www.nj.gov/dobi/bulletins/blt20_15.pdf","snapshot":"","fileExists":true,"fileBytes":161840,"grade":"primary","character":"","description":"","collection":"NJ","url":"/library/NJ-105","exhibitUrl":"/exhibit/NJ-105","citation":"Marlene Caride, Commissioner of Banking and Insurance, Department of Banking and Insurance Bulletin No. 20-15 (Apr. 10, 2020) (Ex. NJ-105)","stateName":"New Jersey","related":["SEC-13-048","NJ-012","NJ-104","NJ-103","NJ-106"]}