Arkansas Insurance Department Allows Premium Offsets & Extends Moratorium on Cancellations/Nonrenewals

Arkansas Insurance Department Allows Premium Offsets & Extends Moratorium on Cancellations/Nonrenewals

 

On August 17th , the Arkansas Insurance Department (DOI) issued Bulletin No. 28-2020 (link below) to assist consumers with insurance policies affected by the outbreak of the COVID-19 virus. The bulletin allows premium offsets and gives policyholders an additional 60-day moratorium on the cancellation or nonrenewal of personal lines policies, who have been diagnosed with/positively tested for COVID-19; or consequence of the COVID-19 health emergency, have been terminated, laid off, or who are self-employed or an independent contractor and have experienced a cessation of work since March 11, 2020. Additionally, the Commissioner directs all insurers and regulated entities that personal lines and life and health insurance policies for Arkansas residents per the bulletin be in effect on August 17, 2020 and remain in effect until such time as Executive Order 20-45 expires.

Any questions regarding Bulletin No. 28-2020  should be directed to insurance.consumers@arkansas.gov at the (DOI) or by phone at 501-371-2600.

 

Link to Bulletin