Chaney issues moratorium on policy cancellations/non-renewals
by For the MBJ
Published: May 3,2011
JACKSON — To assist residents as they struggle to recover from last week’s devastating storms, Commissioner of Insurance Mike Chaney has issued a bulletin to insurance carriers placing a 60-day moratorium on the cancellation/non-renewal of certain policies.
The moratorium applies to commercial property, homeowners, dwelling fire and commercial and personal automobile insurance policies.
The moratorium extension is not automatic. To be eligible, policyholders must contact their carrier and request the extension; they also must have suffered significant property damage, injuries or related loss of life as a result of the storms of April 15 or April 27.
Chaney said, “…I want to remind those policyholders that this is not a permanent waiver, just an extension or grace period of 60-days in which to pay premiums to help policyholders get their lives back in some semblance of order.”
Insurance carriers have also been urged by Commissioner Chaney to work with their insureds in impacted areas relating to the prompt and efficient settlement of claims.
The Mississippi Insurance Department is operating a Mobile Assistance Center (MAC) to assist residents with the claims filing process. The MAC is located at the FEMA Disaster Recovery Center at the intersection of Mississippi 25 and Mississippi 23 in Smithville.
Source: Mississippi Department of Insurance
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Fervor grows for Tuscaloosa Marine Shale
- Mississippi Power CEO's departure due to withholding Kemper information from regulators
- Study says Nissan subsidies total $1.33B; MDA says overestimated
- Tenn. company makes unspecified offer to lease hospital
- Renee Flynt made Craftsmen's Guild president
- Small business owners take picture perfect advantages with Instagram
- Defunct casino to be moved; cost could rise depending on 'crud'
- Nullification and interposition
- Undersecretary: 'I understand the frustration' over catfish inspections