BULLETIN 2020-006
March 20, 2020
TO: ALL ADMITTED AND NON-ADMITTED INSURANCE COMPANIES
RE: REQUEST TO ALL INSURANCE COMPANIES REGARDING CONSUMERS AFFECTED BY COVID-19 AND THE EMERGENCY PUBLIC HEALTH MEASURES
The COVID-19 outbreak and emergency public health measures taken by government are contributing to widespread interruptions and loss of income for many New Mexico consumers and businesses.
In response to the disruption caused by the outbreak, I am requesting that all insurance companies refrain from cancelling or non-renewing policies of businesses and individuals negatively impacted by the disruption due to the non-payment of premiums during this public health emergency, or at a minimum, provide extended grace periods for payment of premiums. We encourage implementing these practices as soon as possible and consider extending them for a minimum of thirty (30) days after the emergency is declared over.
I also request that all insurance companies work with their insureds after the public health emergency is over to allow the insureds to catch up on past due premiums in installments without loss of coverage. "Balloon" payments are likely to be unaffordable. Economic distress and loss of income in these times are due to circumstances beyond the control of the insureds.
This request is directed to all admitted and non-admitted insurance companies that provide any insurance coverage in New Mexico including, life, health, auto, property, casualty, and other types of insurance for groups, individuals and for businesses.
In addition, I am requesting that all insurance agents, brokers, and other licensees who accept premium payments on behalf of insurers take steps to ensure that customers have the ability to make their insurance payments. This should include alternate methods of payment, such as online payments, to eliminate the need for in-person payment methods in order to protect the safety of workers and customers.
Thank you for the vital services you provide, and for your understanding and cooperation during this trying time. Please let us know if our office can provide any assistance.
ISSUED this 20th day of March, 2020.
RUSSELL TOAL
Superintendent of Insurance