Coronavirus (COVID-19)

Insurance Deadline Extensions and Accommodations FAQs

Given the current state of emergency, how should regulated insurance entities proceed with regulatory filings that must be filed in hard copy or with wet signatures?
+

All regulated entities that are required to file should, at a minimum, submit the filing electronically. Hard copies with wet signatures must be filed with the Department within 60 days of the entity returning to its offices. If it is unable to submit the filings electronically, the entity should let the Department know as soon as possible.

Is the Department suspending or delaying financial or market conduct examinations?
+

Financial or market conduct examinations are not being postponed at this time. If a regulated insurance entity has difficulties responding to an examination and would like to request that an examination be postponed, it should submit a formal request in writing to the Department with reasons for the request.

Is the Department delaying the filing due date for Holding Company Registration statements and amendments filed pursuant to 11 NYCRR § 80-1.2 (Insurance Regulation 52), and enterprise risk reports filed pursuant to 11 NYCRR § 82.2 (Insurance Regulation 203)?
+

The Department recognizes the constraints that COVID-19 has placed on its regulated entities. As such, the Department is granting its domestic insurers and/or their ultimate holding companies an extension to file the required Holding Company Registration statements and amendments, and enterprise risk reports until June 30, 2020.

Will the Department require that regulated insurance entities submit disaster response plans, responses to the disaster response plan and business continuity plan questionnaires, and responses to the pre-disaster data survey, as applicable, in 2020?
+

In light of the requirement set forth in Insurance Circular Letter No. 5 (2020) that each insurance entity regulated by the Department submit a response to the Department describing its plans of preparedness to manage the risk of disruption to its operations and the financial risk arising from COVID-19, the Department does not plan to require that regulated insurance entities separately submit to the Department disaster response plans, responses to the disaster response plan questionnaire, responses to the business continuity plan questionnaire, and responses to the pre-disaster data survey, as applicable, in 2020. However, regulated insurance entities should ensure that the Department has up-to-date information for their chief executive officers, or their equivalent, and their primary and secondary intelligence or information officers for the New York Information Network. An entity may update information by using the form on the Department’s website.

What is the Department doing to provide relief to insurance carriers and producers with respect to the notice obligations set forth in its March 30, 2020 Emergency Regulation?
+

The Department has posted guidance to insurance carriers and producers to clarify the notice delivery requirements in the Emergency Regulation in light of the current state of emergency and appropriate health and safety concerns.  In order to facilitate the provision of notice, the Department has also posted model notices linked at the bottom of the guidance that insurance carriers and producers may use as templates. 

The guidance for insurance carriers is available on the Department’s website.   

The guidance for insurance producers is available on the Department’s website.    

 
Can an insurer’s New York underwriting office, which handles free trade zone business, allow its underwriters to work from a location outside of New York during the current state of emergency in light of the requirements set forth in Insurance Regulation 86?
+

Yes. For the duration of the current state of emergency, the Department will recognize that an insurer whose employees typically perform underwriting functions in New York, but are now working from alternate locations outside of New York due to the state of emergency, is not in violation of § 16.9(a) of Insurance Regulation 86, which requires that an insurer writing insurance through the free trade zone maintain an underwriting office in New York.

If a licensed insurance producer or bail agent is working from home or another alternate location during the current state of emergency, must the insurance producer or bail agent provide written notice to the Superintendent of Financial Services of that location under Insurance Law § 2129(b) or § 28.6(c) of Insurance Regulation 42?
+

No. For the duration of the current state of emergency, a licensed insurance producer or bail agent who is working from home or another alternate location due to the state of emergency need not provide written notice to the Superintendent of that location under Insurance Law § 2129(b) or § 28.6(c) of Insurance Regulation 42.