{"id":"NY-101","kind":"order","level":"sector-regulator","jurisdiction":"New York","state":"NY","metro":"","industry":"","agency":"","eco":"","issuer":"Superintendent of Financial Services Linda A. Lacewell","authority":"Executive Law 29-a; EO 202.13; Insurance Law 3203, 3219, 3220, 3221, 4510; Banking Law art. XII-B","instrument":"11 NYCRR Parts 27 and 405 amended and new Part 216 (emergency regulation implementing the EO 202.13 insurance moratorium)","title":"Consolidated amendment of 11 NYCRR 27 and 405 and new Part 216 (premium finance agencies; cancellation moratorium; grace periods)","dateIssued":"2020-03-30","effective":"On filing (on or about Mar. 30, 2020; captured Apr. 7, 2020)","end":"For the duration of EO 202.13; the Governor discontinued the underlying suspensions July 7, 2020 \u0027which coincide with the expiration of the Superintendent\u0027s emergency regulations\u0027 (EO 202.48)","startDate":"2020-03-30","endDate":"2020-07-07","quarters":["2020Q2","2020Q3"],"types":["OTHER"],"addressees":["property/casualty and life insurers","premium finance agencies","policyholders facing COVID-19 hardship"],"clause":"On March 29, 2020, Governor Andrew M. Cuomo issued Executive Order 202.13, which, among other [things] modified Insurance Law sections 3203 and 4510 to extend the grace period for the payment of premiums and fees to 90 days for any life policyholder facing a financial hardship... and Workers\u0027 Compensation Law sections 54 and 226 to impose a moratorium on an insurer, other than a life insurer, cancelling, non-renewing, or conditionally renewing any property/casualty insurance policy issued to a property/casualty policyholder for a period of 60 days, for any property/casualty policyholder facing financial hardship... The total premium remitted by the creditor shall be assumed to provide coverage for the insured debtor whose [payment is late] and can demonstrate financial hardship as a result of the COVID-19 pandemic","enforcement":"DFS supervisory and Insurance Law penalties","functions":["IN insurance operations (cancellations, grace periods, repayment over a year, no negative credit reporting)"],"notes":"","sourceUrl":"https://www.dfs.ny.gov/system/files/documents/2020/03/re_consolidated_amend_pt_405_27a_27c_new_216_text.pdf","snapshot":"https://web.archive.org/web/20200407125919/https://www.dfs.ny.gov/system/files/documents/2020/03/re_consolidated_amend_pt_405_27a_27c_new_216_text.pdf","fileExists":true,"fileBytes":364767,"grade":"primary","character":"","description":"","collection":"NY","url":"/library/NY-101","exhibitUrl":"/exhibit/NY-101","citation":"Superintendent of Financial Services Linda A. Lacewell, 11 NYCRR Parts 27 and 405 amended and new Part 216 (emergency regulation implementing the EO 202.13 insurance moratorium) (Mar. 30, 2020) (Ex. NY-101)","stateName":"New York","related":["AGY-ST-INSURANCE-BANKING-003","NY-015","NY-100"]}