Please note that the Department of Financial Services (DFS) has posted guidance to insurance producers to accommodate electronic delivery of notices (and relieve them of the requirement to mail or deliver such notices) pursuant to DFS’s March 30, 2020 Emergency Regulations that created new 11 NYCRR § 229.5(b) and 3 NYCRR § 405.6(b)(4). The guidance is available on DFS’s website at https://www.dfs.ny.gov/industry_guidance/electronic_notice_obligations.
Additionally, to facilitate such notifications, DFS has posted model notices linked at the bottom of the guidance described above that the producers who have not yet sent notices may use. The text of the model notice for holders of life insurance policies or annuity contracts can also be found at the bottom of this email.
PRODUCERS MUST SEND THE APPROPRIATE NOTICE TO THE APPROPRIATE CONSUMERS TO AVOID CONFUSION
PRIOR TO 4/10/2020