Governor Andrew Cuomo has issued an executive order and a corresponding emergency regulation has been issued by the New York Department of Financial Services (DFS) to assist New York life insurance consumers experiencing financial hardship as a result of the COVID-19 pandemic.
In accordance with Emergency Regulation 216 issued by DFS, Guardian will, effective immediately, do the following for our New York state customers currently facing financial hardship as a result of COVID-19:
- We will extend the policy premium grace period to 90 days for your New York group insurance policies - for example, premium due on 3/1/2020 would have the payment grace period extended to 6/1/2020.
- We will allow you to pay overdue premiums currently in their grace period over a 12-month period if you did not make a timely premium payment due to financial hardship as a result of COVID-19. Download the premium deferment application form (PDF).
- We will extend to 90 days any time limits to exercise rights or benefits that may apply to you or your members under your New York life insurance policy.
- We will allow customers to voluntarily cancel an insurance policy in accordance with its terms.
- We will not impose any late fee related to any late premium payment.
- We will not notify credit reporting or debt collection agencies of late premium payments.
- We will notify our insurance producers and any third-party administrators we do business with about these actions.
The extension of the grace period and rights noted above are currently in effect on a temporary basis, though they may be extended further by Executive Order. Please check the New York Department of Financial Services website for updates1.
If you have any questions, please:
- Contact your insurance broker or agent, or
- Call Guardian at 1-888-GUARDIAN (1-888-482-7342) if you need to discuss alternative payment arrangements. Download the premium deferment application form (PDF).