Guidance on Commissioner's Order 03-2020
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Provides interpretive guidance to premium finance companies licensed in the District of Columbia about the prohibition on cancellation for nonpayment and the requirement to defer unpaid premium payments for at least 12 months during the Public Health Emergency.
No material clinical or coverage changes in this revision.
Applicability and Operational Criteria
Coverage criteria for Order implementation
Applicability and operational criteria for applying Commissioner's Order 03-2020 to premium finance companies and their insureds:
Required Provider and Finance Company Actions
Forbearance and deferred payments required
Refrain from cancelling policies or declaring defaults and defer unpaid premium payments for at least 12 months for finance agreements effective on or before March 11, 2020.
- Do not cancel any insurance policy or declare a default on any contract for nonpayment during the covered period.
- Defer unpaid premium payments for a period of not less than 12 months.
- Applicability limited to insurance premium finance agreements effective on or before March 11, 2020.
Post-emergency cancellation process and scheduling
After the Public Health Emergency expires, a premium finance company may issue a notice of intent to cancel if the insured fails to make a payment scheduled in accordance with the Order; any notice of intent to cancel and remedies must comply with the financing agreement and D.C. law.
- Notices of intent to cancel may only be issued for payments calculated and scheduled in accordance with Commissioner's Order 03-2020 after the Public Health Emergency ends.
- Any cancellation or remedy pursued must comply with the terms of the financing agreement and D.C. Official Code §§ 31-1101 et seq.
- Until such an event occurs, insurers may not cancel policies and are under no obligation to return unearned premiums.
Key Definitions
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