Governor Murphy signs executive order preventing cancellation of insurance premiums

Michael Orozco

Apr 17th, 2020

Business and Corporate Law, COVID-19 | Corporate and Business Law, COVID-19 Resources

On April 9, 2020, Governor Murphy signed executive order 123, preventing insurance companies from cancelling insurance policies due to non payment during the pandemic for non payment. The order, however, is only a grace period, as unpaid premiums are amortized over a period of time for the non payment sums as provided for by the Commissioner of Banking and insurance.

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