Different states are handling the return of premiums differently. By state laws and regulations, the phrasing matters. In NC, giving a rebate of premium is illegal.
"North Carolina Insurance Commissioner Mike Causey is working with insurance companies so they can provide financial assistance to consumers during the COVID-19 health emergency. Many automobile insurers are announcing rebates and discounts due to the “Stay at Home” order, but, by law, rebates are not allowed in North Carolina and discounts must be filed in advance with the Department for approval. As an alternative, the Commissioner has developed a filing mechanism that will quickly allow companies to legally offer discounts to help their policyholders.
“This plan provides companies with an expedited way to bring economic relief to our residents,” said Commissioner Causey. “I cannot ignore our laws that do not allow monies to be given to policyholders that are not tied to a decrease or cancellation of coverage. I can, however, assist companies in offering legal discounts,” he added.
So, if you live in NC, perhaps you have already seen a "Stay at Home" order discount...
__________________
1968 Firebird 400 coupe, Verdoro Green w/black vinyl top
1969 GTO Judge, Carousel Red, 4-speed, numbers matching
1971 Trans Am Cameo White, Auto, numbers matching
1970 Buick Skylark Custom convertible Fire Red
1972 Buick GS 455 Stage 1 Royal Blue
|