The Virginia Bureau of Insurance issued a bulletin to all insurance carriers on March 27, 2020, which includes the following guidance:
- The Bureau of Insurance strongly encourages insurers to be flexible and take into consideration the hardships and constraints many individuals and businesses are experiencing during the COVID-19 public health emergency.
- The Bureau of Insurance encourages the following actions, consistent with prudent insurance practices:
- Insurers should consider relaxing due dates for premium payments, extending grace periods, waiving late fees and penalties, and allowing payment plans for premium payments to otherwise avoid a lapse in coverage.
- Insurers should also consider cancellation or non-renewal of policies only after exhausting all other reasonable efforts to work with policyholders to continue coverage.
For complete details, please see the entire Virginia notice.