On Tuesday, Indiana Department of Insurance Commissioner Amy L. Beard issued Bulletin 268 directing insurance companies to implement a 60-day cancellation moratorium for any policyholder directly affected by the recent weather events in Allen, Benton, Cass, Clinton, Howard, Johnson, Morgan, Owen, Sullivan, and White counties.
“The last thing we want those Hoosiers impacted by the recent tornadoes and severe storms to worry about is missing a premium payment or losing coverage,” said Commissioner Beard. “We hope by granting this extension, it will give them some peace of mind.”
Affected policyholders in impacted counties will be granted an extension of 60 days to make premium payments without the risk of penalties or policy cancellation. After the 60-day period, policyholders will be required to resume making premium payments. The IDOI requests insurance companies work with the impacted policyholders in paying the premiums that would be due during the moratorium period by either allowing a payment plan or extending the payment due date.
In addition, the IDOI is providing similar courtesies to companies and licensees by implementing a 60-day grace period relating to renewal and cancellations for all licensees, certificate holders, and registrants from the impacted areas. This includes premium tax and surplus lines premium tax filings. Any penalties assessed due to late payment during this period will be waived. The 60-day extension also will be applied to the Continuing Education requirements to those producers from impacted areas.
