The Bulletins provide, in summary, that until June 1, 2020:
- The DOI prohibits carriers from terminating insurance contracts due to non-payment.
- The grace period does not eliminate the obligation to pay the premium, but limits policy cancellation for late payment.
- Carriers are encouraged to work with policyholders in the collection of premiums and to waive all late fees.
- It is the DOl's expectation that any premium payment delays during the grace period will be resolved by the insurance company without a consumer complaint being filed.
- For policies that are subject to audit, insurers are encouraged to allow self-auditing and self-reporting in lieu of physical audits to the extent that physical audits are impracticable.
Bulletin B 2020-8 may be found here.
Bulletin B 2020-10 may be found here.