Thursday, June 23, 2011

Division Issues Bulletin Clarifying Disaster Declaration Guidelines for Insurers

Last week, the Insurance Division issued commissioner’s Bulletin 11-02, which provided for deviations from standard practice and processes in regard to insurance policies in counties which have been declared as disaster counties.

Several questions were raised about that bulletin as to effective dates, types of declarations, types of insurance affected and other details. Today, commissioner’s Bulletin 11-03 was issued with the clarifications needed to address the questions received about Bulletin 11-02.

Companies can draw implementation guidance from today’s bulletin. Consumers in counties that have been identified in disaster declarations will also be able to better understand their special processes as they relate to premium due dates, preservation of property and coverage while away from their homes because of evacuations.