Tuesday, March 24, 2020

N.C. Insurance Commissioner encourages insurer flexibility in light of COVID-19 health emergency

Mar 24, 2020

North Carolina Insurance Commissioner Mike Causey has asked the state’s insurance companies to be economically flexible with consumers in light of the COVID-19 health emergency.

“Some of the mitigating efforts implemented on a state and local level to limit further spread of the virus have had a significant economic impact on consumers,” said Commissioner Causey.  “Many consumers have lost their jobs or had their hours reduced, which may adversely affect the ability of these individuals to make timely payment for monetary obligations, including payments for insurance premiums,” he added.

As a result, Commissioner Causey has asked the state’s insurance industry to consider the following actions:

  • Relax due dates for premiums payments.
  • Extend grace periods.
  • Waive late fees and penalties.
  • Allow payment plans for premiums payments to otherwise avoid a lapse in coverage.
  • Consider cancellation or non-renewal of policies only after exhausting other efforts to work with policyholders to continue coverage

In addition, Commissioner Causey is requesting that all insurance agents, brokers, and other licensees who accept premium payments on behalf of insurers take steps to ensure that customers are able to make premium payments in safe manner. This should include online payments or other alternative methods to eliminate the need for in-person payment options to protect the safety of workers and customers.

For more information, visit the NCDOI website at www.ncdoi.gov or call 855-408-1212. 

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