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Ex. AGY-ST-INSURANCE-BANKING-003 Context (guidance or announcement) Primary source read

Insurance Circular Letter No. 7 (2020)

Guidance to DFS Regulated Insurance Entities Regarding Support for Consumers and Businesses Impacted by Novel Coronavirus (COVID-19)

Superintendent of Financial Services · New York; Department of Financial Services (Sector regulator)

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The COVID Project
Context, not an order

This record is guidance or an announcement kept for context. It is not counted among the orders in force.

The record

Jurisdiction
New York; Department of Financial Services · New York
Level
Sector regulator
Authority
Fin. Serv. Law § 302; Ins. Law § 301
Issued
2020-03-19 Mar. 19, 2020
Effective
2020-03-19
End
Superseded in part by Executive Order 202.13 and the 11 NYCRR 229 moratorium of March 29-30, 2020 (Ex. NY-101), which made the premium relief mandatory for hardship policyholders (read as 2021-09-30)
In force
Mar. 19, 2020 to Sept. 30, 2021
Quarters
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
Limitation types
Other
Addressees
  • chief executive officers of all DFS-regulated insurance entities
Functions reached
  • IN insurers (billing, cancellation, claims)
  • CB policyholders and small businesses (premium deferral)
  • OP
Character
context
Collection
State insurance and banking regulators AGY-ST-INSURANCE-BANKING

Operative words

In response to this crisis, DFS is issuing guidance to urge all regulated entities during this outbreak... Offering payment accommodations, such as allowing consumers to defer payments at no cost, extending payment due dates, or waiving late or reinstatement fees, where consumers are unable to make timely payments of premium or fees... Providing flexibility regarding proof of death, disability, or other condition that triggers benefits under life insurance policies or annuity contracts... Providing consumers with information and timely access to all medically necessary covered health care services, including testing and treatment for COVID-19

Enforcement

Supervisory (examination; Ins. Law § 2403 unfair practices); the premium-deferral expectations became binding on March 29-30, 2020 through Ex. NY-101

Notes

Names the disruption: 'Companies in certain sectors are already laying off employees'; 'The disruption in the operations of small businesses caused by the outbreak could make it difficult for these businesses to comply with financial and other covenants.'

Retrieval note

Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.