New York state insurance regulators are helping the state’s life insurers provide a 90-day grace period extension for life and annuity customers affected by COVID-19-related financial hardship.
The 134 insurers that belong to the Life Insurers Council of New York (LICONY) have voluntarily agreed to provide a 90-day grace period. LICONY represents about 80% of New York’s life insurance industry.
The New York State Department of Financial Services is implementing the 90-day grace period with emergency regulations, to ensure that LICONY members and other life insurers in the state will be following the same rules, department officials said Monday.
- A link to a copy of New York’s life and annuity payment grace period regulations is available here.
- An article about states’ COVID-19 health insurance cost-sharing rules is available here.
The department is also requiring issuers of some kinds of property and casualty insurance to provide a 60-day grace period.
Linda Lacewell, the New York department superintendent, said in a comment that the grace period will give people facing COVID-19-related hardship more time to make policy-related decisions as well as extra time to pay premiums and fees.
“Government and industry must continue to work together to help those who are suffering financially due to the COVID-19 pandemic,” Lacewell said.
LICONY President Mary Griffin said in a comment that LICONY members are proud to be working with New York officials during these challenging times.
“The members of LICONY are deeply concerned about the impact of the current economic conditions on their customers,” Griffin said.