Disruption Resulting from COVID-19

On March 19, 2020, Department of Banking and Insurance Commissioner Caride issued Bulletin No. 20-04, encouraging insurers to take into consideration the difficulties residents have endured and will continue to endure until the spread of COVID-19 is controlled. Specifically, the bulletin encourages insurers to relax due dates for premium payments, extend grace periods, waive late fees and penalties, allow forbearances and payment plans, and to essentially work with policyholders to make sure insurance policies don’t lapse. As a result, employer plan sponsors that are facing economic hardship can discuss their options with insurers.

Bulletin No. 20-04 »