N.Y. Comp. Codes R. & Regs. tit. 11 § 229.5

Current through Register Vol. 46, No. 50, December 11, 2024

Section 229.5 - Premium repayment, demonstration of financial hardship, and voluntary cancellation

(a) An insurer shall permit a policyholder who did not make a timely premium payment due to financial hardship as a result of the COVID-19 pandemic, including a policyholder to whom the insurer issued a non-payment cancellation notice prior to the effective date of the Executive Order, and who can still demonstrate financial hardship as a result of the COVID-19 pandemic, to pay such premium over a 12-month period.

(b) Solely for the purposes of this Part, an insurer shall accept a written attestation from a policyholder as proof of financial hardship as a result of the COVID-19 pandemic.

(c) Nothing herein shall entitle a policyholder who demonstrated a financial hardship as a result of the COVID-19 pandemic and either received a moratorium for a specific policy or obtained relief for an amount due under the prior regulation, to obtain under the Executive Order and this Part an additional moratorium for a specific policy or further relief for an amount that comes due while this Part is in effect.

(d) Nothing shall prohibit a policyholder from voluntarily cancelling an insurance policy or annuity contract.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 229.5