Thursday March 22 3:54 pm

Spotlighting events along the south shore of Lake Michigan

60-Day Insurance Moratorium Issued by Indiana Department of Insurance Commissioner Includes Nine Additional Counties

03/09/2018 - 11:00
05/01/2018 - 11:59

Commissioner Robertson signed Bulletin 241 on March 2, prior to additional impacted counties being added to the disaster emergency. The Bulletin directs insurance companies to implement a 60-day cancellation moratorium for any policyholder directly affected by the recent weather events. Affected policyholders in impacted counties will be granted an additional 60 days to make their payments without their 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 making premium payments or lose coverage.

“I am confident that insurance companies will follow my directive and do the right thing by working with their policyholders during this disaster recovery period,” said Commissioner Robertson. “Historically, they have been known to provide assistance and relief to Hoosiers impacted by disasters.”

The moratorium went into effect on March 2, the date it was issued, and the Department expects insurers to apply this moratorium retroactively to February 14, the day before the severe storms began. The moratorium ends on May 1, 2018.

In Indiana, 31 counties so far have been declared a disaster emergency, including Benton, Carroll, Clark, Crawford, Dearborn, Elkhart, Floyd, Fulton, Harrison, Jackson, Jasper, Jefferson, Kosciusko, Lake, LaPorte, Marshall, Newton, Noble, Ohio, Perry, Porter, Posey, Pulaski, Spencer, St. Joseph, Starke, Switzerland, Wabash, Warren, Warrick and White. The Bulletin covers ALL counties affected and because of the breadth of the storms, torrential rains and subsequent flooding, the implementation of this moratorium should also be considered on a case-by-case basis in unnamed counties.

About the Indiana Department of Insurance

The Indiana Department of Insurance protects Indiana's insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The department monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The department also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work.