The New Jersey Department of Banking and Insurance has directed insurers to provide financial relief to residents and businesses, as they continue to suffer financial hardship due to the COVID-19 pandemic.
The guidance issued to regulated entities follows Executive Order 123 signed last week by Governor Phil Murphy extending grace periods during which certain insurance companies, including health insurers, life insurers, and property and casualty insurers, will not be able to cancel policies for nonpayment of premiums.
