11 NYCRR Parts 27 and 405 amended and new Part 216 (emergency regulation implementing the EO 202.13 insurance moratorium)

The record

Jurisdiction

New York

Level

Sector regulator

Authority

Executive Law 29-a; EO 202.13; Insurance Law 3203, 3219, 3220, 3221, 4510; Banking Law art. XII-B

Issued

2020-03-30 Mar. 30, 2020

Effective

On filing (on or about Mar. 30, 2020; captured Apr. 7, 2020) (read as 2020-03-30)

End

For the duration of EO 202.13; the Governor discontinued the underlying suspensions July 7, 2020 'which coincide with the expiration of the Superintendent's emergency regulations' (EO 202.48) (read as 2020-07-07)

In force

Mar. 30, 2020 to July 7, 2020

Quarters

2020 Q22020 Q3

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Other

Addressees

• property/casualty and life insurers
• premium finance agencies
• policyholders facing COVID-19 hardship

Functions reached

• IN insurance operations (cancellations, grace periods, repayment over a year, no negative credit reporting)

Collection

New York NY

Operative words

On March 29, 2020, Governor Andrew M. Cuomo issued Executive Order 202.13, which, among other [things] modified Insurance Law sections 3203 and 4510 to extend the grace period for the payment of premiums and fees to 90 days for any life policyholder facing a financial hardship... and Workers' Compensation Law sections 54 and 226 to impose a moratorium on an insurer, other than a life insurer, cancelling, non-renewing, or conditionally renewing any property/casualty insurance policy issued to a property/casualty policyholder for a period of 60 days, for any property/casualty policyholder facing financial hardship... The total premium remitted by the creditor shall be assumed to provide coverage for the insured debtor whose [payment is late] and can demonstrate financial hardship as a result of the COVID-19 pandemic

Enforcement