Arkansas Insurance Department Issues Moratorium On Premium Non-payments

by Talk Business ([email protected]) 183 views 

Arkansas Insurance Commissioner Jay Bradford declared a 60-day moratorium on cancellation and non-renewals for non-payment of insurance premiums in state.

The move was made to assist Arkansans affected by recent storms, tornadoes and flooding, the department said.
The moratorium extension is not automatic, Bradford warned. In order to be eligible for the 60-day moratorium, interested policyholders must contact their carrier and request the extension. They must have also have suffered significant property damage, injuries, or related loss of life as a result of the storms of April 14, 2011 through April 27, 2011.

“I do want to remind policyholders that this is not a permanent waiver, merely a grace period of 60 days in which to pay premiums while they get their lives back in order," said Bradford.
Bradford said he has requested that insurance companies take into consideration that persons in heavily impacted areas may be unable to receive a notice of cancellation or non-renewal due to evacuation or delayed postal service.