Attention: New York State brokers and policyholders
As we continue to monitor this quickly evolving situation, we appreciate your partnership, trust, and confidence. We share your concern regarding the spread of coronavirus (COVID-19) and the uncertainty created by its potential impact on you and your colleagues, your clients, and the passenger transportation industry as a whole.
New York State Department of Financial Services has enacted Regulation 216 (11 NYCRR §229) regarding payment of insurance premiums and the impact of the COVID-19 pandemic. The following details the requirements for a customer to comply with the directive in order to qualify for deferred premium payments.
Question: What must the policyholder demonstrate in order to qualify for deferred premium payments?
Answer: The policyholder must demonstrate COVID-19 related financial hardship.
Reference: NY Executive Order 212.13 and Regulation 216 (11 NYCRR 229).
Question: How does the policyholder demonstrate COVID related financial hardship?
Answer: The insured can (must) provide “…a written attestation…”
Reference: Regulation 216 (11 NYCRR 229.5(c)).
Question: What is a “written attestation” and what must it include?
Answer: “A statement that they [the policyholder] swear or affirm in writing under penalty of perjury that they are experiencing financial hardship as a result of the COVID-19 pandemic.”
Reference: NYS DFS website page “Coronavirus Information for Industry; Property/Casualty Emergency Regulation FAQs”
Question: What are the minimum requirements for a policyholder written attestation?
Answer: At a minimum, the policyholder’s written attestation must meet these criteria:
Thank you for your continued support.