{"id":"SEC-13-048","kind":"order","level":"sector-regulator","jurisdiction":"New Jersey","state":"NJ","metro":"","industry":"13","agency":"","eco":"","issuer":"Commissioner of Banking and Insurance Marlene Caride","authority":"Executive Order No. 123 (Apr. 9, 2020); N.J.S.A. 17:1-8.1, 17:1-15","instrument":"Department of Banking and Insurance Bulletin No. 20-15","title":"90-Day Grace Period for Property and Casualty Insurance Premium Payments Due to the Disruption Caused by COVID-19","dateIssued":"2020-04-10","effective":"grace period electable retroactively from Apr. 1, 2020 or from May 1, 2020","end":"grace periods ran their 90-day terms (to June 30 or July 30, 2020); EO 123 remained in effect to Jan. 1, 2022 under P.L. 2021, c. 103","startDate":"2020-04-01","endDate":"2020-07-30","quarters":["2020Q2","2020Q3"],"types":["OTHER"],"addressees":["all insurers transacting property and casualty insurance in New Jersey","licensed insurance producers"],"clause":"the Department is directing all licensed property and casualty insurance carriers to provide their insureds who may be experiencing a financial hardship due to COVID-19 with at least a 90-day grace period to pay insurance premiums so that insurance policies are not cancelled for nonpayment of premium... During this extended grace period, insurers shall not cancel any insurance policy for nonpayment. Insurers are also directed to: Waive late payment fees otherwise due, and not report late payments to credit rating agencies, during the 90-day period; Allow premiums due but not paid during the 90-day period to be paid over the remainder of the current policy term or up to 12 months in up to 12 equal installments","enforcement":"EO 123 directive implemented by the Commissioner; Title 17 enforcement","functions":["IN (premium collection, cancellation, billing and credit reporting rewritten by order)","CB"],"notes":"Same instrument as NJ-105; companion health bulletin 20-27 is NJ-106. The exhibit is dated April 10, 2020 on its face; the file name carries April 9, 2020 (the date of EO 123).","sourceUrl":"https://www.state.nj.us/dobi/bulletins/blt20_15.pdf","snapshot":"","fileExists":true,"fileBytes":161840,"grade":"primary","character":"","description":"","collection":"SEC-13","url":"/library/SEC-13-048","exhibitUrl":"/exhibit/SEC-13-048","citation":"Commissioner of Banking and Insurance Marlene Caride, Department of Banking and Insurance Bulletin No. 20-15 (Apr. 10, 2020) (Ex. SEC-13-048)","stateName":"New Jersey","related":["NJ-105","NJ-106"]}