The Montana Insurance Commissioner issued a letter to the insurance industry on March 26, 2020, which includes the following recommendations that insurers should consider based on their practicality, relevance and impact to their businesses and customers:
- Offering flexible payment solutions for families, individuals, and businesses, including providing additional time to make payments or grace periods to delay premium payments.
- Suspending premium billing for small businesses such as restaurants, bars, and others that have been shut down or had their operations severely reduced, for a specific number of days or billing cycles.
- Waiving insurance premium late fees and other fees for families, individuals, and businesses.
- Pausing cancellation of coverage for motorists due to temporary non-payment and policy expiration.
- Expediting/expanding automobile coverage to allow personal vehicles to be covered while delivering food, medicine, and other essential provisions for commercial purposes.
- Streamlining administrative processes and paperwork to ease consumer burdens and facilitate continuous coverage.
For full details, click here to access the Commissioner’s letter.