Published On: Sat, Mar 3rd, 2018

Indiana Department of Insurance Commissioner Robertson Directs Insurance Companies to Implement a Grace Period for Hoosiers in Disaster Impacted Areas

Indiana Department of Insurance Commissioner Robertson Directs Insurance Companies to Implement a Grace Period for Hoosiers in Disaster Impacted AreasIndianapolis – On March 2, 2018, Indiana Department of Insurance Commissioner Stephen W. Robertson issued Bulletin 241 directing insurance companies to implement a 60-day cancellation moratorium for any policyholder directly affected by the recent weather events in Benton, Carroll, Clark, Crawford, Dearborn, Elkhart, Floyd, Fulton, Harrison, Jasper, Jefferson, Lake, Marshall, Ohio, Pulaski, Perry, Spencer, St. Joseph, Starke, Switzerland, Warrick and White counties.

“As Hoosiers affected by the recent weather events struggle to recover from flooding, the last thing they need to worry about is missing a premium payment and losing coverage,” said Indiana Department of Insurance Commissioner Stephen W. Robertson. “We hope granting this extension will help give them some peace of mind.”

Affected policyholders in impacted counties will be granted an additional 60 days to make their payments without their policies being canceled and without penalties. The moratorium is not a waiver; it is an extension of the period in which to pay the premium. After the 60 days, the policyholder will need to resume making premium payments or lose coverage. Insurance companies are being directed to work with impacted policyholders in paying the premiums that would have become due during the moratorium by either allowing a payment plan or a further extension in paying the amount due in full. Commissioner Robertson is confident that insurance companies will comply with this directive noting that historically in times of natural disasters they have worked hard to provide relief to impacted Hoosier policyholders.

In addition, the Department 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 in the impacted areas.

About the Indiana Department of Insurance

The Indiana Department of Insurance protects Indiana’s insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The department monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The department also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work.

Leave a comment

You must be Logged in to post comment.