Governor Murphy announced an executive order late yesterday afternoon that provides 60-day grace periods for both health and dental insurance payments.
Claims must be paid during this time period and insurers cannot demand repayment of unpaid premiums in a lump sum at the end of the grace period. Unpaid premiums must be spread out over the remainder of the insurance term.
The Commissioner of the Department of Banking and Insurance may extend these emergency grace periods further as necessary to protect the interests of policyholders, beneficiaries, and the public. Please note that this does not apply to self-funded plans as they are subject to federal, not state regulations.
More information may be forthcoming from the insurance carriers in this regard.
To view the Order Click Here
Claims must be paid during this time period and insurers cannot demand repayment of unpaid premiums in a lump sum at the end of the grace period. Unpaid premiums must be spread out over the remainder of the insurance term.
The Commissioner of the Department of Banking and Insurance may extend these emergency grace periods further as necessary to protect the interests of policyholders, beneficiaries, and the public. Please note that this does not apply to self-funded plans as they are subject to federal, not state regulations.
More information may be forthcoming from the insurance carriers in this regard.
To view the Order Click Here
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