KNOW BETTER NEW YORK CONNECTIONS
Executive Order 202.38
Executive Order 202.38, the Governor extended Executive Order 202.13 to July 6. This executive order, and corresponding emergency regulation, provide for policyholders, who demonstrate a financial hardship, a moratorium on cancellations, nonrenewals and conditional renewals as well as premium deferrals.
Given the amount of changes and extensions related to Executive Order 202.13 and the emergency regulation, NYIA reached out to the Governor’s office for confirmation on the most recent extension. The Governor’s counsel has confirmed to NYIA that this latest executive order extends the date to July 6.
NYIA in coordination with others in the industry have been advocating for the expiration of the insurance provisions in Executive Order 202.13 and the corresponding emergency regulation. We have made it clear that while companies want to help their customers and have already been voluntarily providing accomodations when possible, the very specific response currently required by DFS creates tremendous compliance challenges. We have indicated that with the reopening of all regions, there is not a need for the emergency regulation to be in place as we move forward. There was talk of extending the executive order and emergency regulation an additional 90 days, but based on the feedback from the industry the date was extended to July 6.
It is important to note that the administration continues to extend essentially all actions that have been made since the Governor first declared a State disaster emergency on March 7. The Governor is addressing the crisis in totality and not ending specific actions taken on an individual basis. We have strenuously advocated to not extend the provisions related to property and casualty insurance, but the directives specific to our industry are being extended with the vast array of other actions taken en masse. Since the situation is much broader than insurance, we hope the path the state is currently on as far as recovery and reopening results in a significantly diminished desire to extend what has been put in place during the state of emergency.