Q: Is the Pennsylvania Insurance Department requiring domestic insurers to provide insight into their business operations and the impact COVID-19 is having on those Operations?
A: Yes, your PID financial analyst will be contacting all Pennsylvania Domestic insurers to update the Department on their plans to deal with the impacts the COVID-19 virus may cause to the insurers' operations. Here is the most recent update from Kim Rankin, Director, Bureau of Financial Analysis and Licensing:
“As part of our review of the 2019 annual statements, and given the current coronavirus pandemic, the analysts are asking our domestic insurers about their exposure and plans for business continuity given the pandemic. We realize that responses will vary based upon the size, complexity, and business conducted by our insurers. We are also temporarily accepting electronic filings from insurers. “
PAMIC has a unique benefits program for all members providing access to critical Human Resource information on handling COVID-19. Our Partner, Enquiron, has developed a thorough and thoughtful alert for you to use. In the midst of dealing with an emerging situation in the workplace, which can include natural disasters, mass shootings, or pandemic such as COVID-19, employers may have questions related to their workplace and their employees. This Alert is designed to address common questions that affected businesses and employers may be asking in the midst of such a situation – and remember we are here to help! Click here for access: COVID-19 and workplace activities
Q: Will the Department of Insurance, Office of Financial Regulation accept paper filings during the COVID-19 pandemic?
A: Due to the COVID-19 pandemic, the Commonwealth of Pennsylvania Insurance Department
(PID) is unable to receive paper filings or hand-delivery at this time.
In an effort to prevent further disruption of the business being conducted by our insurance companies and other licensees, the Office of Corporate & Financial Regulation will, for a limited time, accept filings electronically. Filings should be forwarded via email to your assigned financial analyst with copies to the supervisor and to Kim Rankin (krankin@pa.gov) and may be in Word, Excel, or PDF format.
We would encourage insurers to evaluate the necessity of the filings and to hold filings that are non-essential until further notice. If a particular filing is to be accompanied by a file fee, please include a copy of the check along with the electronic filing. The hardcopy of the original filing and the filing fee should be mailed to Financial Analysis Division, PA Insurance Department, P.O. Box 67330, Harrisburg, PA 17107
Q: On March 16, 2020. Governor Wolf ordered all non-essential businesses closed in Pennsylvania. Does this closure order affect insurance agents, insurers and related businesses?
A: The Pennsylvania Insurance Department’s Chief of Staff, Michael Humphreys issued a clarification on the closure order. Here is the clarification:
“The Administration has strongly urged non-essential businesses to close during mitigation periods to protect employees, customers, and suppliers. While the business of insurance is essential, many roles and functions of insurance offices may be administered remotely or are otherwise non-essential. We encourage carriers and agencies to use their discretion in determining essential functions for essential employees. For example, an agency may determine it is appropriate to close to walk-in visitors, while remaining open for business, and available to consumers, through calls and e-mail."
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