Arkansas Insurance Commissioner Allen Kerr announced a 60-day moratorium on the cancellation/non-renewal of insurance policies for the non-payment of premiums by Arkansans residing in counties declared a disaster by Gov. Asa Hutchinson following the severe weather that occurred in the state in late April.
The moratorium applies to all types of insurance policies sold in Arkansas, Kerr said. However, he noted that “this action does not waive the obligation of Arkansans to pay their insurance premiums” it just extends the time period in which to pay.
The 60-day moratorium is effective as of April 26, 2017, and affects residents of Baxter, Benton, Boone, Clay, Cleburne, Craighead, Cross, Faulkner, Fulton, Independence, Izard, Lawrence, Jackson, Madison, Marion, Montgomery, Newton, Perry, Prairie, Pulaski, Randolph, Saline, Searcy, Stone, Washington, White, Woodruff, and Yell Counties who must have suffered significant property damage, injuries or related loss of life as a result of the storms.
Kerr emphasized that policyholders must request the extension offered by the moratorium from their insurance carrier.
AID is encouraging carriers to also reach out to policyholders to provide relief per the terms of the moratorium, including offering assistance to policyholders in paying premiums that become due during the moratorium by either allowing a payment plan or an extension of the due date for full payment.
Source: Arkansas Insurance Department
Was this article valuable?
Here are more articles you may enjoy.
Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps 
Supreme Court Overturns Chevron Rule in Blow to Regulators 
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P 
Farmers Adjusters Cry Foul Over Workloads, Claims Handling in Letter to Regulators 
