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California Insurance Commissioner Requests All Insurance Companies Provide Their Insureds with at Least a 60-Day Grace Period to Pay Insurance Premiums

www.insurereinsure.com
March 19, 2020

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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