State insurance Department Actions on Premium Forbearance

Uncategorized  |  April 2, 2020

ALIRT has received a number of queries regarding premium forbearance actions taken by insurance companies and state
insurance regulators during the current Coronavirus crisis. These calls are driven by insured’s questions/requests as well
as by broker concerns around the impact any temporary forbearance might have on the financial performance of insurers.

While individual insurer actions have been difficult to gauge, and as yet do not seem widespread, ALIRT reviewed state
insurance department websites to determine how regulators are handling this forbearance issue. The table in the
Appendix shows those state insurance departments that have issued a bulletin/notice/memorandum on this issue, as well
as what lines of business they cover and for how long.

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