Moratorium Request On Non-Pay Cancellations: Oklahoma
About Us » Newsroom » Moratorium Request On Non Pay Cancellations Oklahoma

Moratorium Request On Non-Pay Cancellations: Oklahoma

The Oklahoma Department of Insurance has released Bulletin 2020-01 on March 15, 2020, requesting that insurers provide a 45 day grace period for the non-payment of premium. Actuarial Services believes this should also extend to a cancellation for non-payment of premium moratorium for all Oklahoma insureds.

The attached Bulletin 2020-01 contains the following pertinent information:

  1. Applies to all Oklahoma residents.
  2. Applies to all insureds – personal and commercial.  Currently Grinnell Mutual Reinsurance Company and Grinnell Select Insurance Company currently only offer personal lines of business coverages in the state of Oklahoma.
  3. The Request to Defer Payments and implied moratorium applies to failure to pay premiums during the grace period.  The Department is NOT requesting insurers waive any premiums or other consideration owed on any policy during this time.
  4. The State of Emergency order was issued on March 15, 2020, and expires on April 29, 2020.

Download the bulletin