The new law gives the Director power to act in the event of an emergency. What emergency powers does the Director have to act in case of an emergency?
Upon a declaration of emergency by the Governor, the Director may issue and extend an emergency regulation. The emergency regulation may be issued to all insurance companies. However, it must facilitate recovery from the emergency and protect the interest of the public. (Section 38-3-410) • Is there any help for the consumer during a declared emergency? Yes, the Director has the authority to promulgate emergency regulations to address grace periods for payment of premiums, postpone cancellations and non-renewals and suspend the performance of other duties by the insured. (Section 38-3-430) • Emergency regulations may apply to any line that falls under Title 38. Does the Department anticipate that surplus lines writers would be included in reporting requirements? Yes.
