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Description of Program and Relief

Consumers Experiencing Financial Hardship Due to COVID-19 May Defer Paying Certain Insurance Premiums

Description of Program and Relief

Governor Cuomo has announced that consumers experiencing financial hardship due to COVID-19 may defer paying certain life insurance premiums for 90 days. No late fees will be assessed and no negative data will be reported to credit bureaus during this time. Premiums due but not paid during the 90 day period will be payable in equal monthly installments over a one-year period. LICONY, or the Life Insurance Council of New York, which represents over 80 percent of the life insurance industry, has agreed to these measures.

Additionally, consumers and small businesses experiencing financial hardship due to COVID-19 may defer paying premiums for property and casualty insurance, including auto, homeowners, renters, workers comp, medical malpractice, livery and taxi insurance for a 60 day period. No late fees will be assessed and no negative data will be reported to credit bureaus during this time. Premiums due but not paid during the 60 day period will be payable in equal monthly installments over a one-year period.

Governor Cuomo has also imposed a moratorium on an insurer cancelling, non-renewing, or conditionally renewing any insurance policy issued to an individual or small business for a period of 60 days for any policy holder who is facing financial hardship as a result of the COVID-19 pandemic.

Individuals and small businesses may also defer paying premiums under individual and small group commercial health insurance plans through June 1. Insurance plans will be required to continue to pay claims for consumers and businesses who are suffering financial hardship because of the pandemic and cannot pay their premiums. During this period, health plans 1) will not impose late payment fees, 2) will not report late payments to credit rating agencies, and 3) will work with individuals to help them transition to new coverage, if appropriate. Individuals who buy coverage through NY State of Health and receive subsidies will have additional flexibility.

Government or Lead Agency

Department of Financial Services

Dates Available

March 27, 2020 until termination; until June 1 for commercial health insurance premiums

Contact for More Information

For general questions about coverage for COVID-19 email consumers@dfs.ny.gov.

List of Additional Information

Two press releases from the Department of Financial Services are available here: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202003271; https://www.dfs.ny.gov/press_releases/pr202004023;https://www.dfs.ny.gov/press_releases/pr202004022

Governor Cuomo’s executive order is available here.


© 2020 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.

© 2020 Paul, Weiss, Rifkind, Wharton & Garrison LLP

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