Georgia’s top insurance official is telling insurance companies not to cancel policies due to nonpayment during the coronavirus pandemic.
“The COVID-19 virus is increasingly having a direct financial impact on many families and businesses across our state,” said Insurance Commissioner John F. King. “Today’s Directive ensures that no one in Georgia loses critical insurance coverage for nonpayment due to these circumstances beyond their control.”
King also announced additional protections for Georgia businesses negatively impacted by COVID-19.
Today’s Directive — the third released so far from the Commissioner’s Office — instructs property and casualty insurers not to cancel any commercial policies for nonpayment, particularly those dealing with business interruption or business income coverage, for the next 60 days.
The Directive also alerts insurers that the commissioner’s office is halting all in-person, on-site exams, audits, and licensing requirements, while temporarily suspending all nonfederal filing deadlines and applicable late filing fees until business operations return to normal.
Additionally, the King will offer immediate and expedited review for any insurance products that are critical due to the COVID-19 outbreak and its effects.
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