Oklahoma Issues Bulletin Granting 45-Day Grace Period
In response to the public health disaster emergency declaration for the novel coronavirus disease (COVID-19), the Oklahoma Insurance Department issued bulletins (2020-01/2020-01 Amended), directing all property and casualty insurers providing coverage to Oklahoma residents to extend grace periods to pay insurance premiums by 45-days so that policies are not cancelled for nonpayment during this state of emergency. This directive does not remove the insureds obligation to pay premiums; instead, it limits policy cancellations for late payment.
The order is effective retroactive to March 15, 2020 and will remain in effect until the state of emergency is lifted.
If Proctor is providing letter services for your organization, Proctor will temporarily suspend hazard insurance lender placement notification activity in Oklahoma. Lender placement notifications for hazard insurance will restart after the moratorium is lifted. Proctor encourages clients to review their internal lender placement letter procedures to ensure compliance with the moratorium.
Proctor will continue to monitor this topic and provide updates as they develop. Please contact your client representative if you have any questions.