60-Day Insurance Moratorium Issued By Indiana Department Of Insurance Commissioner
INDIANAPOLIS — In response to the new executive order signed by Gov. Eric Holcomb, the state insurance commissioner, Stephen W. Robertson, wants to make sure all Hoosiers in the flood-impacted areas know that a 60-day grace period applies to them.
Robertson signed Bulletin 241 on March 2, before additional counties were added March 7 to the disaster emergency list. Robertson’s bulletin directs insurance companies to implement a 60-day cancellation moratorium for any policyholder directly affected by the recent weather events. Jefferson and Switzerland policyholders, will be granted an additional 60 days to make payments without policies being canceled and without penalties. The grace period is not a waiver; it is an extension of the period in which to pay the premium. After the 60 days, the policyholder will need to resume payments or lose coverage.
The moratorium went into effect March 2, the date it was issued, and the department said it expects insurers to apply this moratorium retroactively to Feb. 14, the day before the severe storms began. The moratorium ends May 1.
The department assists Hoosiers with insurance questions. Contact the department at 800-622-4461, 317-232-2426, or 317-232-2395 or Email firstname.lastname@example.org