Banking Law News

N.Y. Grants Insurance Premium Deferrals in Coronavirus Relief

March 27, 2020, 8:59 PM

New Yorkers facing financial hardships related to the new coronavirus will be able to defer life insurance payments for 90 days.

The Life Insurance Council of New York, representing more than 80 percent of the state’s life insurance industry, agreed to the 90-day payment deferrals, New York Gov. Andrew Cuomo (D) said Friday.

Consumers will have one year to make up any missed payments, Cuomo said.

Consumers and small businesses will be able to get 60-day deferrals on property and casualty premiums if they are facing financial problems related to Covid-19, the disease caused by the coronavirus. The property and...

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