New York Broker COVID-19 Guidance
The New York State Department of Financial Services (“NYDFS”) issued a regulation on New York Governor Andrew Cuomo’s Executive Order extending grace periods and other rights to small businesses in New York that can demonstrate financial hardship due to the coronavirus (COVID-19) pandemic. Please read the full Executive Order here and the NYDFS regulation here.
Brokers with New York policyholders should:
- Review the Executive Order and the NYDFS regulation with your legal counsel;
- Communicate to your New York policyholders per your interpretation of these regulatory initiatives;
- Where a qualifying Hiscox New York policyholder requests a payment period extension, then as the party that manages collections from that policyholder, make the required arrangements to collect delinquent payments per the regulatory requirements over a twelve-month period; and
- Alert Hiscox of your extension arrangement with the policyholder via the link below. This will allow us to follow up with your appropriate contact to coordinate our collections expectations in tandem with those you have arranged with the policyholder.
Need Additional Help?
If you need a list of the active Hiscox policyholders you have in New York, we’d be happy to help. Please fill out this form here.
If you have any additional questions related to the recent New York regulatory initiatives for premium extensions,
please call us at: 1-855-975-6268