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Financial Services Law Insights and Observations

Pennsylvania Insurance Department encourages premium finance companies to offer grace periods

State Issues Covid-19 Pennsylvania Bank Compliance

State Issues

On April 13, the Pennsylvania Insurance Department issued Notice #2020-11 communicating its expectations for premium finance companies during the Covid-19 pandemic. Such companies, and the insurance carriers they work with, are encouraged to extend grace periods for loan payments, be flexible with regard to determinations of default, and waive delinquency or other late payment charges.

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