District of Columbia Broker COVID-19 Guidance
The District of Columbia Department of Insurance, Securities and Banking has issued Commissioner’s Order 03-2020 prohibiting all insurance carriers from terminating insurance contracts due to non-payment until June 8, 2020. The Order also calls for insurance companies to provide policyholders the ability to repay any premium due and owed prior to June 8 over a period of 12 months or longer, starting no earlier than July 9. Please read the full order here.
Brokers with District of Columbia policyholders should:
- Review Order 03-2020 with your legal counsel;
- Communicate to your DC policyholders per your interpretation of these regulatory initiatives;
- Where a qualifying Hiscox DC 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 have any additional questions related to the recent District of Columbia regulatory initiatives for premium extensions,
please call us at: 1-855-975-6268