Insurance Deadline Extensions and Accommodations FAQs
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.
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.
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.
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.
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.
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.
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.