The Rhode Island Department of business Regulation issued Insurance Bulletin No. 2020-3 on March 25, 2020, to all insurers writing business in Rhode Island. To preserve access to insurance coverage during the COVID-19 state of emergency, insurers are requested to:
- Provide flexibility to allow insureds to maintain their existing coverage by implementing and extending grace periods for premium payments and allowing payment plans for premium payments.
- Institute alternative methods of payment for those insureds whose normal method of payment is affected by this emergency.
- Extend billing due dates and premium grace periods, and waive late fees, insufficient funds, and installment fees and penalties.
- Explore ways to streamline or delay the submission of administrative paperwork that may jeopardize the maintenance and/or issuance of coverage.
- Consider filings to alter policies to reflect the anticipated effects of the emergency.
- Explore ways to make claims processes easier and more responsive such as electronic delivery of claims payments and remote adjustment of damages.
For complete details please see the full Rhode Island Insurance Bulletin No. 2020-4.