A recent Executive Order issued by New York Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under your life insurance policy or annuity contract if you can demonstrate financial hardship as a result of the novel coronavirus (“COVID‐19”) pandemic. These grace periods and rights are currently in effect but are temporary, though they may be extended further. Please check the Department’s website: https://www.dfs.ny.gov/consumers/coronavirus for updates.
A copy of the Executive Order and regulations can be found:
- https://www.governor.ny.gov/news/no‐20213‐continuing‐temporary‐suspension‐andmodification‐laws‐relating‐disaster‐emergency and
- https://www.dfs.ny.gov/system/files/documents/2020/03/re_consolidated_amend_pt_405_27a_27c_new_216_text.pdf, respectively.
Insurance Payments ‐ Grace Period
If you can demonstrate financial hardship as a result of the COVID‐19 pandemic, we must extend to 90 days the applicable grace period for the payment of premiums and fees under your life insurance policy or annuity contract. If you do not make a timely premium payment and can demonstrate financial hardship as a result of the COVID‐19 pandemic, we may not impose any late fees relating to the premium payment or report you to a credit reporting agency or a debt collection agency regarding such premium payment.
Catching up on Overdue Insurance Payments
The regulations also require us to permit you to pay the overdue premium over a 12‐month period if you did not make a timely premium payment due to financial hardship as a result of the COVID‐19 pandemic and can still demonstrate financial hardship as a result of the COVID‐19 pandemic. This also applies if we sent you a nonpayment cancellation notice prior to March 29, 2020.
How to Demonstrate Financial Hardship
If you are unable to make a timely premium payment due to financial hardship as a result of the COVID‐19 pandemic, you may submit to us a statement that you swear or affirm in writing under penalty of perjury that you are experiencing financial hardship as a result of the COVID‐19 pandemic, which we must accept as satisfactory proof. Such statement need not be notarized.
If you have any questions regarding your rights under the Executive Order or regulations; or if you would like to discuss billing or make alternative payment arrangements, or if you have any questions about the information listed above, please contact us at 1‐800‐533‐0472, ext 725‐5087 or by email: email@example.com.
This was last updated: 04-15-2020