State Insurance Commissioner orders insurance premium payment deferrals

Worried about finances during this time? More help is on the way.

North Carolina Insurance Commissioner Mike Causey has activated an emergency declaration that will defer insurance premium payments for residents in all 100 counties. The order was activated as a result of President Trump's March 25th Major Disaster Declaration approval for the State of North Carolina.

Financial information during the coronavirus pandemic: Unemployment, stimulus bill, loan information and more

The Commissioner's order applies to all insurance companies including health insurance, residential property and automobile insurance. This order also applies to collection agencies, motor clubs and premium finance companies licensed by the North Carolina Department of Insurance. The order will defer not only premium payments but will also defer statutory time requirements. Notices of cancellation, for example, will be deferred.

Once the deferral expires, policyholders will be required to bring their payments current to avoid cancellation.

"My hope is this deferral will provide policyholders breathing room while they get back on their feet as a result of economic hardships due to the COVID-19 health emergency," Commissioner Causey said.

RELATED: Financial information during the coronavirus pandemic

According to a news release, prior to the President's declaration, many companies were working with their clients to extend grace periods for late payments.

To determine how this order will affect consumer's insurance policy, individuals are asked to check with their insurance company or representative.
Copyright © 2020 WTVD-TV. All Rights Reserved.