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<p class="MsoNormal">Greetings, across the Gotham Spectrum –<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><i><span style="font-size:12.0pt">I just received the following information, which I think is important to get out to everyone:<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:12.0pt"><o:p> </o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:12.0pt">On March 30, 2020, following an executive order by the Governor of New York, the New York Department of Financial Services (DFS) issued an emergency regulation requiring insurers to grant premium payment
relief to New York consumers and small businesses experiencing financial hardship due to COVID-19. With respect to property/casualty insurance policies, including policies written on a surplus lines basis (known as “excess lines” in New York), insurers are
prohibited from cancelling policies that are 60 days or less overdue. For purposes of the regulation, a “small business” is defined as any business that is resident in New York, is independently owned and operated, and employs 100 or fewer individuals. Insurers
are required to accept a written attestation from a policyholder as proof of financial hardship as a result of COVID-19.<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:12.0pt">• The emergency regulation also provides that, with respect to any policyholder that did not timely pay premium and who attests to experiencing financial hardship due to COVID-19:<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:12.0pt">• Insurers may not impose any late fees relating to such late premium payments;<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:12.0pt">• Insurers may not report the policyholder to a credit reporting agency or refer the policyholder to a debt-collection agency with respect to such late premium payments;<o:p></o:p></span></i></b></p>
<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in"><b><i><span style="font-size:12.0pt">• Insurers must permit affected policyholders who do not make a timely premium payment, and who attest to still experiencing financial hardship due
to COVID-19, to pay such late premium over a 12-month period;<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:12.0pt">• No later than April 13, 2020:<o:p></o:p></span></i></b></p>
<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in"><b><i><span style="font-size:12.0pt">o With each insurance premium bill, insurers must include a notice of the provisions of the emergency regulation and a toll-free number that the policyholder
may call to discuss billing and make alternative payment arrangements.<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:12.0pt">o Each insurer must notify insurance producers and any third-party administrators with which the insurer does business of the provisions of the emergency regulation.<o:p></o:p></span></i></b></p>
<p class="MsoNormal" style="margin-left:.5in;text-indent:-.5in"><b><i><span style="font-size:12.0pt">o Licensed insurance producers who service an in-force life insurance policy, annuity contract, or fraternal benefit society certificate for a New
York policyholder or who procured a property/casualty insurance policy for a New York policyholder, must mail or deliver notice to the policyholder of the provisions of the emergency regulation.<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">You can view and/or download a copy of the Governor’s executive order here:
<a href="https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency">
https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency</a><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">BRS<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="text-autospace:none"><b><i><span style="font-size:12.0pt;color:red">**<u>PLEASE</u>
<u>NOTE</u> <u>MY</u> <u>NEW</u> <u>EMAIL</u> <u>ADDRESS – SAME FIRM; NEW NAME</u>**<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal" style="margin-left:-4.5pt"><b><span style="font-size:16.0pt;color:#003F5E">Bruce R. Swicker<o:p></o:p></span></b></p>
<p class="MsoNormal" style="margin-left:-4.5pt"><span style="font-size:12.0pt;color:#E5A362">Vice President, Lawyers Program<o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-left:-4.5pt"><span style="color:gray">210 Hudson Street, Suite 601, Jersey City, NJ 07311<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:-4.5pt"><span style="color:gray"><a href="mailto:bruce.swicker@epicbrokers.com"><span style="color:blue">bruce.swicker@epicbrokers.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:-4.5pt"><span style="color:gray">(201) 356-0104 Direct | (212) 764-6740 Direct | (929) 280-1672 Cell
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:-4.5pt"><span style="color:gray">epicbrokers.com | CA License 0B29370<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:-4.5pt"><span style="color:gray">Edgewood Partners Insurance Center<o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-left:-4.5pt"><a href="https://www.linkedin.com/company/epicinsurancebrokers/"><span style="color:gray;text-decoration:none"><img border="0" width="92" height="22" style="width:.9583in;height:.2291in" id="Picture_x0020_2" src="cid:image002.gif@01D60777.63E2A9F0" alt="LinkedIn"></span></a><span style="color:gray">
</span><a href="https://www.facebook.com/EPICInsuranceBrokersAndConsultants?bookmark_t=page"><span style="color:gray;text-decoration:none"><img border="0" width="112" height="22" style="width:1.1666in;height:.2291in" id="Picture_x0020_3" src="cid:image003.gif@01D60777.63E2A9F0" alt="Facebook"></span></a><span style="color:gray"><o:p></o:p></span></p>
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