Informational Bulletin: COVID-19 Related Premium Refunds, Discounts, or Credits

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commissioner of securities and insurance

Informational Bulletin

COVID-19 Related Premium Refunds, Discounts, or Credits

To: To all Property and Casualty Insurers who have and may be considering COVID-19 related premium refunds, discounts or credits, Licensed Independent Adjusters, and other interested parties

From: Matthew M. Rosendale Sr.

Date: April 9, 2020

Thank you for your continuing efforts to assist Montanans with their insurance needs during this unprecedented time. Now more than ever they need uninterrupted insurance coverage.

The department has been communicating with numerous Property and Casualty insurance companies regarding industry-related impacts due to COVID-19.  Several companies have proposed a premium refund, discount or credit to their policyholders during this unforeseen dramatic down turn in the economy as a result of the COVID-19 virus. We commend these companies for helping consumers during a time of great financial need. 

The purpose of this Bulletin is to provide guidance regarding compliance with regulatory requirements with respect to issuance of refunds, discounts or credits. Insurance companies who desire to issue such refunds, discounts or credits must comply with the following rate and form filing requirements: