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.
COVID-19
Alaska Issues Two New Bulletins Related to COVID-19; Prohibiting Cancellation Due to Nonpayment of Premium, and Extension of Rate, Form, and Advertisement Filing
By Troutman Pepper Locke on
The Alaska Division of Insurance (the “Division”) issued two new bulletins this week in the wake of Governor Mike Dunleavy declaring a public health disaster emergency for COVID-19.…
Texas Department of Insurance Provides Evolving Industry Guidance in Response to Coronavirus
By Jon Gillum & Troutman Pepper Locke on
In response to the outbreak of Covid-19, the Texas Department of Insurance (TDI) has issued almost daily updates for insurance companies, agents, and other regulated parties. Some of the steps TDI has taken which are of interest to the industry include the following…
New York Mayor de Blasio Issues Emergency Executive Order 100 Imposing Restrictions on Gatherings and Businesses
By Troutman Pepper Locke on
On March 16th, New York Mayor Bill de Blasio issued Emergency Executive Order No. 100 (the “Order”), imposing restrictions on gatherings and businesses during the COVID-19 State of Emergency. The Order, amongst other things, ordered the temporary closure of all entertainment venues, commercial gyms, and adult congregate centers. The Order also limits restaurants, bars and cafes to take-out and delivery orders only.…
Georgia Commissioner Issues Bulletin Expediting Review Process for Endorsement Forms Relating to Business Interruption Due to COVID-19
By Troutman Pepper Locke on
On March 17th, John F. King, Georgia’s Insurance Safety Fire Commissioner issued Bulleting 20-EX-3 (the “Bulletin”), stating that the Georgia Department of Insurance will offer expedited review for two new endorsement forms relating to business interruption insurance and COVID-19.…
New Jersey Advances a Bill Providing Business Interruption (BI) Coverage Resulting from COVID-19
By Troutman Pepper Locke on
The NJ Assembly Homeland Security and State Preparedness Committee (“AHS” or “Committee”) met on Monday, March 16, 2020 to consider draft bill A3844 that would require Business Interruption (BI) insurers to provide coverage for economic losses due to the COVID-19 crisis. Coverage for business or business interruption losses would be required despite a “virus” exclusion in the current policies.…
Insurers and Reinsurers can Expect COVID-19 Claims as Varied as the Virus Vectors
Posted in COVID-19
As the U.S. and the rest of the world grapple with the appropriate means and steps to mitigate the spread of the COVID-19 version of Coronavirus, insurers and reinsurers can expect their insureds to submit all manner of claims if they are not already inundated with them. Third-party claims against insureds are also likely, with requests for defense and indemnity soon to follow.…
New York, Against COVID-19 Backdrop, Issues Circular Letter Expanding Ability for Insurers to Offer “Cancel for Any Reason” (CFAR) Products
By Zachary Lerner & Troutman Pepper Locke on
On March 6, 2020, the New York Department of Financial Services (“NYDFS”) issued Insurance Circular Letter No. 4 (the “Circular Letter”) addressing the ability for insurance companies to offer “Cancel for Any Reason” or “CFAR” benefits in the state. The Circular Letter clarifies the ability for both insurance companies as well as insurance agents to offer CFAR benefits in New York and, while not directly overruling prior guidance, the Circular Letter substantially expands opportunities for insurance companies to offer CFAR coverage in the state in light of the Novel Coronavirus pandemic.…
What Insurers Should Know: New York Department of Financial Services Issues Guidance and Call for Special Report Related to COVID-19
By Troutman Pepper Locke on
With the increased uncertainty around how Insurers can and should respond to the Novel Coronavirus (“COVID-19”), the New York State Department of Financial Services (“DFS”) has issued guidance to (i) all DFS Regulated Entities requesting that all such entities have preparedness plans to address the risks posed by COVID-19; and a call for special report to (ii) all authorized Property/Casualty Insurers requesting such insurers to provide policyholders with information and developments surrounding business interruption and related coverage written in New York.…