DFS Will Continue to Hold off on the Expiration of Producer Licenses
Regulators will continue to suspend requirements regarding the expiration of producer licenses, in light of ongoing pandemic-related challenges securing CE credits. The original decision to suspend expirations was slated to end on May 24. The extension is good through July 8.
Cuomo Approves 6 Regions for Phase I Reopening
Six regions—Central NY, Finger Lakes, Mohawk Valley, North Country, Southern Tier, and Western NY—are allowed to begin reopening based on their meeting of certain metrics, and the Phase I businesses eligible to restart (construction, agriculture, manufacturing, and wholesale trade) in those areas must comply with new, detailed guidance and safety plan requirements from the state.
Governor Releases a “New York Forward” Plan for Reopening the State
Building on his initial announcement of a phased reopening of the state, Governor Cuomo has released a 51-page guide that lays out how the coronavirus has affected NYS, how the state has and should respond, and what a gradual restarting of the economy will look like.
Governor Outlines 4-Phased Plan to Reopen NYS
Governor Cuomo has laid out a 4-phased, regional approach to restarting NYS businesses, with Central/Upstate New York and the construction industry likely to benefit first.
DFS Says Producers Can E-Mail Clients about 90-Day Premium Deferral Period – No Physical Mailing Needed
The DFS has determined that producers only have to e-mail clients to tell them about the 90-day premium deferral period for COVID-19 financial hardship—and only send to the client e-mail addresses they already have.
NAIFA-NYS Asks to DFS to Reconsider Notice Requirement for 90-Day Premium Deferrals
In an April 9 letter to DFS Supt. Lacewell, NAIFA-NYS stressed the great, and arguably unnecessary, burden placed on producers complying with the 10-day notice deadline for 90-day premium deferrals, and urged DFS to reevaluate. The letter also conveyed results of the NAIFA-NYS COVID-19 survey.
DFS Offers Model Disclosure to Help Agents Comply with 90-Day Grace Period Regulation
The DFS has issued a model notice for agents to give policyholders telling them of the DFS emergency reg. creating a 90-day, COVID-19–related deferral for payment of life insurance & annuity premiums. More info, including a NAIFA-NYS breakdown of the reg., is in the COVID-19 Resource Center.
Governor Cuomo Signs FY 2021 Budget
Saying that despite the COVID-19 crisis “we have to be able to walk and chew gum,” the Governor on April 3 signed a FY 2021 budget unlike any other NYS budget. It is “calibrated” to future revenues and losses in recognition, the Governor says, that “the State has no money” and is heavily reliant on federal coronavirus aid legislation.