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Arkansas Insurance Department issues bulletin to insurers regarding compliance and licensing
On May 11, the Arkansas Insurance Department issued a bulletin regarding compliance and licensing for admitted and surplus lines insurance carriers doing business in Arkansas. Insurers and other regulated entities are advised that they must continue to expeditiously adjust claims during Covid-19. The bulletin also provides guidance on regulatory filing deadlines, the permissibility of electronic filings and signatures, the status of on-site examinations by the department, license renewals, and continuing education deadlines.
Arkansas Insurance Department rescinds several Covid-19-related bulletins
On May 11, the Arkansas Insurance Department issued a bulletin announcing the rescission of certain Covid-19 related bulletins issued under Executive Order 20-03. Among others, Bulletin 16-2020 regarding the suspension of title insurance audits and Bulletin 18-2020 regarding Covid-19 financial regulatory compliance, are suspended as of May 11, 2020.
Kansas Insurance Department Covid-19 FAQs contain guidance for insurance companies and broker-dealers
On May 11, the Kansas Insurance Department updated its Covid-19 FAQs, which, among other things, address how the department is handling licensing for insurance agents and registration for broker-dealers and investment advisers during the pandemic.
New York extends moratorium on evictions and foreclosures
The governor of New York issued Executive Order 202.28, extending through June 6 the moratorium on evictions of residential or commercial tenants for nonpayment of rent or foreclosure of a residential or commercial mortgage for nonpayment for a period of sixty days beginning on June 20. The moratorium applies only to properties owned or rented by someone that is eligible for unemployment insurance or benefits or is otherwise facing hardship due to the Covid-19 outbreak.
District of Columbia Department of Insurance, Securities and Banking issues FAQs on mortgage deferment
The District of Columbia Department of Insurance, Securities and Banking issued responses to frequently asked questions (FAQs) regarding the residential and commercial mortgage deferment program under the District of Columbia’s Covid-19 Response Supplemental Emergency Amendment Act of 2020. The FAQs provide guidance on, among other things, which entities and financial institutions are considered mortgage lenders under the act and therefore subject to the requirements, mortgage lenders’ obligations under the act, how borrowers should apply for the mortgage deferment plan, and record-keeping requirements under the act.
Rhode Island extends Covid-19 executive orders
On May 6, the governor of Rhode Island extended multiple executive orders related to the Covid-19 pandemic until June 5, 2020. These include, among others, orders related to quarantines, remote corporate and shareholder meetings, and unemployment insurance.
North Carolina passes Covid-19 Recovery Act
On May 5, the North Carolina governor signed the Covid-19 Recovery Act, which provides certain relief to North Carolinians in response to the Covid-19 crisis. Among other things, the legislation authorizes emergency video notarization and video witnessing during the state of emergency. The legislation also provides limited immunity to essential businesses from civil liability for claims alleged to have been caused by the Covid-19 pandemic. Essential businesses include financial and insurance institutions, as determined by Executive Order 121, and any business that the Department of Revenue determines is essential.
Minnesota commissioner of commerce eases some filing and appraisal requirements
On May 1, Minnesota’s commissioner of commerce issued an order modifying certain regulatory deadlines as set forth in Regulatory Guidance 20-25 and 20-26 during the Covid-19 pandemic. Guidance 20-25 extends the deadline for certain insurers to file annual reports due on or before May 1, 2020 until June 1, 2020. Guidance 20-26 allows banks that acquire “other real estate” as defined by Minn. Stat. § 48.21 to defer the requirement to obtain an appraisal for up to 120 days.
Massachusetts regulator urges premium finance companies to work with customers
On May 1, the Massachusetts Division of Banks issued guidance to insurance premium finance companies, stating that it “expects” them to provide relief and flexibility to customers during the Covid-19 pandemic. The division issued the guidance in light of a March 23 bulletin in which the Massachusetts Division of Insurance urged Massachusetts insurance carriers to take steps to preserve individual access to insurance coverage.
Michigan Department of Insurance and Financial Services extends insurance guidance
On April 30, the Michigan Department of Insurance and Financial Services (DIFS) issued a bulletin extending Bulletin 2020-12-INS for the period of time that Executive Order 2020-59, and any subsequent executive order that reaffirms or clarifies the measures in Executive Order 2020-59, remains effective. Bulletin 2020-12-INS provides that all claims must continue to be processed and paid in a timely manner. Additionally, insurers are expected to make all required filings with the DIFS. Entities and persons regulated by the DIFS also must comply with all applicable statutory and regulatory deadlines and requirements, unless such are expressly waived or modified by the DIFS, including applicable filing deadlines. Companies that experience difficulties meeting deadlines or requirements are urged to contact the DIFS immediately.