Grace Period For Insurance
Connecticut Insurance Department Commissioner Andrew N. Mais has called on insurers to immediately institute a grace period for insurance premium payments in light of the disruption caused by the COVID-19 pandemic. “The emergency public health measures have contributed to a loss of income for both consumers and businesses,” said Commissioner Mais. “It is imperative that we all work to maintain the security that insurance provides when consumers need it most.” In Bulletin IC-40 released today, the Connecticut Insurance Department is requesting that all admitted and nonadmitted insurance companies that offer any insurance coverage in Connecticut — including, life, health, auto, property, casualty and other types of insurance —immediately provide consumers with at least a 60-day grace period without interest or penalty to pay their insurance premiums. Institutions that…