Tennessee regulators issue joint bulletin on premium finance agreements

State Issues Covid-19 Tennessee Consumer Finance

On April 3, the Tennessee Department of Commerce and Insurance and Department of Financial Institutions issued a joint bulletin pertaining to premium finance agreements. The joint statement encouraged premium finance lenders to provide grace periods on payments and to be flexible when determining agreement defaults. The Department of Commerce and Insurance, working in conjunction with the Department of Financial Institutions, recommended insurance carriers coordinate with premium finance lenders on grace period modifications.