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COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (May 20, 2020)

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May 20, 2020

In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on the subject matter below, do not hesitate to reach out. The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic.

All Lines of Insurance

All States: On May 18, the NAIC posted an updated FAQ document related to the NAIC Business Interruption data calls.

Connecticut: On May 18, Insurance Commissioner Andrew N. Mais and Economic Development Commissioner David Lehman issued a press release reminding businesses of the importance of checking to make sure their insurance coverage accurately reflects any changed circumstances as they move to comply with Governor Ned Lamont’s reopening guidelines.

West Virginia: On May 19, Governor Justice issued Executive Order 39-20, which among other things, removes certain limitations on retail businesses deemed essential so they may resume or continue operations.

West Virginia: On May 20, the West Virginia Insurance Commissioner issued Insurance Bulletin 20-06a, ending the temporary licensing of insurance producers during the COVID-19 emergency.

Property and Casualty Insurance

Maryland: On May 20, the Maryland Insurance Administration issued a press release announcing that property and casualty insurance consumers will receive more than $250 million in premium relief during the COVID-19 State of Emergency.

Health Insurance

Connecticut: On May 19, Insurance Commissioner Andrew N. Mais issued a press release reminding insureds that all out-of-pocket cost for testing and treatment of COVID-19 has been removed.

Life Insurance

Connecticut: On May 20 Insurance Commissioner Andrew N. Mais issued a press release announcing that additional frontline healthcare workers and eligible volunteers in Connecticut and six other states are now eligible to receive up to $25,000 of free term life insurance. The Connecticut Insurance Department expedited approval of the expansion of HealthBridge, a new Massachusetts Mutual Life Insurance Company life insurance product that offers free guaranteed issue policies to frontline healthcare workers and eligible volunteers during the COVID-19 pandemic.

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 COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (May 20, 2020) appeared first on Insurance & Reinsurance.

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