The emergency restrictions on insurance carriers' ability to terminate coverage and requirements for premium flexibility will stay in place until at least July 6, according to a new executive order. New York Gov. Andrew M. Cuomo issued the order on Saturday.
Since March 30, insurers writing business in New York have been required to give an additional 60 days of coverage (90 days for life insurance) to any policyholder who can demonstrate financial hardship because of the COVID-19 pandemic and whose policy the insurer could legally cancel, non-renew or conditionally renew. They have also been required to offer policyholders who missed payments and can demonstrate financial hardship because of the pandemic the option of making up the missed payments over 12 months. They are further prohibited from charging late fees or reporting these delinquent payers to credit reporting agencies.
The order was originally to have expired on April 28 but has been extended several times. The latest order extends it by an additional 30 days. Further extensions are possible as the state's businesses gradually resume operations following the lengthy shutdown implemented when infection rates began to soar in March.