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Oregon Extends Insurance Premium Moratorium
In efforts to provide consumers relief in the wake of the coronavirus (COVID-19), the Oregon Department of Consumer and Business Services extended the prior emergency order requiring insurers to extend claims reporting deadlines, provide grace periods for insurance premiums, and prevent policy cancellations and nonrenewals. As a result, the Order was extended from April 23rd, 2020, and will remain in force through May 23, 2020.
If Proctor is providing lender placed borrower notification services for your organization, Proctor will continue to temporarily suspend hazard insurance lender placement notification activity in Oregon. Lender placement notifications will restart, as applicable, after the moratorium is lifted. If your organization sends the lender placement notifications, PFI encourages clients to review their internal lender placement letter procedures to ensure compliance with the moratorium.
To view Proctor’s previous announcement, please visit our website here.
Proctor will continue to monitor these topics and provide updates as they develop.