| A new “frequently asked questions” (FAQ) page on the New York State Department of Financial Services website clarified the current moratorium on terminating and changing insurance policies.
- IF the terms of the policy permit the carrier to cancel, non-renew or conditionally renew it on a specific date;
- AND the policyholder can demonstrate financial hardship because of the pandemic;
- THEN the 60-day moratorium begins on that date.
For example, suppose the insurer sent a non-renewal notice on February 1. The policy will expire April 16. The policyholder demonstrates financial hardship. The insurer must delay the non-renewal until June 15. It may terminate coverage at that time. The FAQs also clarified that:
- The requirements apply to policies that were in effect on March 30, 2020
- The requirements expire when the governor's executive order does on April 28. Big I New York has asked the department to confirm that the governor's extension of NY PAUSE did not change the regulation's expiration date.
For example, an insurer may non-renew a policy that is scheduled to expire on May 1. Check www.biginy.org/coronavirus for further updates on the pandemic.
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