On March 19th, the Oklahoma Department of Insurance issued Bulletin PC 2020-01, (the “Bulletin”), which sets forth immediate measures to be taken by property casualty insurance carriers in response to the COVID-19 State of Emergency.
According to the Bulletin, the Oklahoma Department of Insurance is asking all carriers providing coverage to Oklahoma residents to take the following immediate measures:
“All carriers should review their internal processes and continuity of operations, including ability to telecommute, to ensure that they are prepared to serve their members, including by providing insureds with information and timely access to all services. As the COVID-19 situation continues to evolve, carriers should continually assess their readiness and make any necessary adjustments. This includes notifications to producers and brokers to keep consumers up to date.
Access to accurate information and avoiding misinformation are critical. Therefore, carriers should inform insureds of available benefits specifically related to business interruption insurance, quickly respond to insured inquiries, and consider revisions needed to streamline responses and benefits for insureds. Carriers should make all necessary and useful information available on their websites and staff their help lines accordingly.
Property and casualty carriers should extend any applicable grace period for nonpayment of premium by forty-five (45) days. This grace period extension does not relieve an insured of the obligation to pay premiums.”
The Bulletin will remain in effect until the State of Emergency is no longer in place.
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.