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Pennsylvania Insurance Department issues guidance for insurance companies
On April 13, the Pennsylvania Insurance Department issued Notice #2020-10 addressing obligations of domestic insurance companies during the Covid-19 pandemic. The notice details (i) extensions of 30 or 60 days for various regulatory filing deadlines; (ii) waivers of the hard copy, original signature, notarization and other in-person related filing requirements; and (iii) adjustments for remote examinations.
Pennsylvania Insurance Department encourages premium finance companies to offer grace periods
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.
Pennsylvania attorney general announces launch of consumer relief initiative
On March 30, Pennsylvania Attorney General Josh Shapiro announced the launch of “PA Care Package,” a consumer relief initiative. The program, which will expand upon the federal CARES Act, calls for financial institutions and banks to offer assistance to Pennsylvanians facing financial hardship due to impacts of the Covid-19 pandemic. This includes expanding small and medium business loan availability, and offering grace periods for mortgage and loan payments, late fees, evictions and repossessions, and adverse credit reporting.
Pennsylvania expands stay at home order to include Erie County
On March 24, the Pennsylvania governor extended Pennsylvania’s stay at home order to Erie County. The stay at home order previously only applied to certain other Pennsylvania counties.
Pennsylvania temporarily suspends in-person notarization requirements for real estate sales
On March 25, the Pennsylvania Department of State issued a temporary suspension of regulations requiring in-person notaries for real estate transactions. The suspension applies to personal real estate transactions that were already in process prior to the announcement of emergency measures. The department also waived personal appearance requirements (subject to certain requirements) for commercial real estate transactions both prior to and during the crisis. The department has approved three remote notarization providers: Doc-Verify, Safe-Docs, and Pavaso (for title companies).
Pennsylvania governor and health secretary issue stay at home orders
On March 23, the Pennsylvania Governor and Secretary of Health issued stay at home orders to certain counties. The orders direct residents of certain Pennsylvania counties to stay at home except as needed to access, support, or provide life-sustaining business, emergency, or government services. The governor issued additional guidance indicating that certain businesses engaging in financial activities may continue physical operations. For example, credit intermediation and related activities, insurance carriers and related activities, and certain funds, trusts, and other activities may continue physical operations. However, securities and commodity exchanges and other financial investment activities may not continue physical operations, unless they are considered financial services under the Cybersecurity and Infrastructure Security Agency advisory. The orders took effect at 8:00 PM on March 23, 2020, and will remain effective until April 6, 2020.
Pennsylvania governor issues “stay at home” order
On March 19, Pennsylvania Governor Wolf issued a statewide “stay at home” order, to take effect as of March 21. Businesses engaged in “financial activities,” including those involved in credit intermediation and related activities, are considered essential businesses and may continue physical operations.
Pennsylvania issues work from home guidance
The Pennsylvania Department of Banking and Securities states on its website that it will not take exception to licensees and registrants working from alternate site locations, whether licensed or not, only while the Commonwealth of Pennsylvania is under a Proclamation of Disaster Emergency.
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