COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (August 2020 #1)

In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time.  If you have any questions on the subject matter below, do not hesitate to reach out.  The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic.

Property and Casualty Insurance

Oregon:  On August 1, the Oregon Department of Consumer and Business Services/Division of Financial Regulation issued an Amended Property and Casualty Insurance Order, which requires insurers to give policyholders a single grace period of at least 60 days per policy to pay premiums if the policyholder has attested to the insurer that the nonpayment is due to pandemic-related loss of income.  Additionally, the Order extends deadlines for reporting claims and is in effect until August 30.  The Order amends the previous Property and Casualty Insurance Order that was issued May 22, and extended until July 31.

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