{"id":"AGY-ST-INSURANCE-BANKING-003","kind":"context","level":"sector-regulator","jurisdiction":"New York; Department of Financial Services","state":"NY","metro":"","industry":"","agency":"ST-INSURANCE-BANKING","eco":"","issuer":"Superintendent of Financial Services","authority":"Fin. Serv. Law § 302; Ins. Law § 301","instrument":"Insurance Circular Letter No. 7 (2020)","title":"Guidance to DFS Regulated Insurance Entities Regarding Support for Consumers and Businesses Impacted by Novel Coronavirus (COVID-19)","dateIssued":"2020-03-19","effective":"2020-03-19","end":"Superseded in part by Executive Order 202.13 and the 11 NYCRR 229 moratorium of March 29-30, 2020 (Ex. NY-101), which made the premium relief mandatory for hardship policyholders","startDate":"2020-03-19","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["chief executive officers of all DFS-regulated insurance entities"],"clause":"In response to this crisis, DFS is issuing guidance to urge all regulated entities during this outbreak... Offering payment accommodations, such as allowing consumers to defer payments at no cost, extending payment due dates, or waiving late or reinstatement fees, where consumers are unable to make timely payments of premium or fees... Providing flexibility regarding proof of death, disability, or other condition that triggers benefits under life insurance policies or annuity contracts... Providing consumers with information and timely access to all medically necessary covered health care services, including testing and treatment for COVID-19","enforcement":"Supervisory (examination; Ins. Law § 2403 unfair practices); the premium-deferral expectations became binding on March 29-30, 2020 through Ex. NY-101","functions":["IN insurers (billing, cancellation, claims)","CB policyholders and small businesses (premium deferral)","OP"],"notes":"Names the disruption: \u0027Companies in certain sectors are already laying off employees\u0027; \u0027The disruption in the operations of small businesses caused by the outbreak could make it difficult for these businesses to comply with financial and other covenants.\u0027","sourceUrl":"https://www.dfs.ny.gov/industry_guidance/circular_letters/cl2020_07","snapshot":"https://web.archive.org/web/20200329151505/https://www.dfs.ny.gov/industry_guidance/circular_letters/cl2020_07","fileExists":true,"fileBytes":67192,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-003","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-003","citation":"Superintendent of Financial Services, Insurance Circular Letter No. 7 (2020) (Mar. 19, 2020) (Ex. AGY-ST-INSURANCE-BANKING-003)","stateName":"New York","related":["NY-101","AGY-ST-INSURANCE-BANKING-009","AGY-ST-INSURANCE-BANKING-010","AGY-ST-INSURANCE-BANKING-004","AGY-ST-INSURANCE-BANKING-002","AGY-ST-INSURANCE-BANKING-005","AGY-ST-INSURANCE-BANKING-007","AGY-ST-INSURANCE-BANKING-008","AGY-ST-INSURANCE-BANKING-011"]}