On March 18th, as a result of the COVID-19 outbreak, California Insurance Commissioner Ricardo Lara issued a notice (the “Notice”) to all admitted and non-admitted insurance companies, all licensed producers, and other interested parties requesting that all insurance companies provide their insureds with at least a 60-day grace period to pay insurance premiums so that insurance policies are not cancelled for nonpayment of premium.
The Notice is directed to all admitted and non-admitted insurance companies that provide any insurance coverage in California including, life, health, auto, property, casualty, and other types of insurance.
In addition, Commissioner Lara is requesting that all insurance agents, brokers, and other licensees who accept premium payments on behalf of insurers take steps to ensure that customers have the ability to make prompt insurance payments. Such steps should include alternate methods of payment, such as online payments, to eliminate the need for in-person payment methods, in order to protect the safety of workers and customers
Locke Lord will continue to monitor these developments.
Visit our COVID-19 Resource Center often for up-to-date information to help you stay informed of the legal issues related to COVID-19.
The post California Insurance Commissioner Requests All Insurance Companies Provide Their Insureds with at Least a 60-Day Grace Period to Pay Insurance Premiums appeared first on Insurance & Reinsurance.
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