Indiana Issues Moratorium Following Recent Disasters

On March 25, 2024, the Indiana Department of Insurance (IDOI) issued Bulletin 274following tornadoes and severe storms that occurred on March 14, 2024. These disaster events resulted in significant property damage in the counties of Delaware, Jefferson and Randolph.

In response to these disaster events, the IDOI is asking all insurance companies to implement a 60-day moratorium for the cancellation of any insurance policy in effect for any policyholder directly affected by the disaster events residing within the impacted areas, and a suspension of any late payment penalties during this time period.

The moratorium is not a waiver, and after the 60-day period policyholders will resume making premium payments. The moratorium applies only to cancellations and non-renewals where the failure to pay premiums is directly related to the disaster events.

The moratorium went into effect in March 25, 2024. For more information please see Bulletin 274.

Links:

Bulletin 274