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DISB Guidance Offers Relief to Insurance Policyholders
On Monday, DISB issued an emergency order to provide support to District insurance policyholders during the public health emergency.
On Monday, the DC Department of Insurance, Securities and Banking (DISB) issued an emergency order to provide support to District insurance policyholders during the public health emergency.
The order, seen here, protects residents in the following ways:
- Insurance companies are prohibited from cancelling coverage for non-payment and must offer policyholders a repayment period of unpaid premiums for at least 12 months.
- Insurance companies must make "reasonable accommodations" for policyholders. Such accommodations include waiving late payment fees, extending billing due dates, informing policyholders of accommodations, and creating an electronic payment option (among other accommodations).
- Property and casualty insurance policyholders may self-audit and self-report changes in case of adjustments in premiums.
- Insurance companies shall provide a waiver or suspension of "commercial" or "livery" use exclusions for personal automobile coverage, to protect food and medicine delivery.
- DISB will offer expedited reviews of form and rate fillings to insurance companies upon request if they offer accommodation or relief to policyholders.
The changes will remain in effect during the public health emergency.
Public Health News
DISB Guidance Offers Relief to Insurance Policyholders
On Monday, DISB issued an emergency order to provide support to District insurance policyholders during the public health emergency.
On Monday, the DC Department of Insurance, Securities and Banking (DISB) issued an emergency order to provide support to District insurance policyholders during the public health emergency.
The order, seen here, protects residents in the following ways:
- Insurance companies are prohibited from cancelling coverage for non-payment and must offer policyholders a repayment period of unpaid premiums for at least 12 months.
- Insurance companies must make "reasonable accommodations" for policyholders. Such accommodations include waiving late payment fees, extending billing due dates, informing policyholders of accommodations, and creating an electronic payment option (among other accommodations).
- Property and casualty insurance policyholders may self-audit and self-report changes in case of adjustments in premiums.
- Insurance companies shall provide a waiver or suspension of "commercial" or "livery" use exclusions for personal automobile coverage, to protect food and medicine delivery.
- DISB will offer expedited reviews of form and rate fillings to insurance companies upon request if they offer accommodation or relief to policyholders.
The changes will remain in effect during the public health emergency.
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