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Insurance Regulator Asks for Cancellation Break

By Peter Ambrose
June 18, 2010 Updated Jun 19, 2008 at 5:51 AM EST

INDIANAPOLIS (AP) - The Indiana Department of Insurance is asking insurance companies to give a break to policyholders who live in areas hit by recent storms and flooding.

State Insurance Commissioner Jim Atterholt is calling for a 60-day moratorium on policy cancellations for late payments. He's also asking for a waiver of penalties or late fees during the period. The commissioner made his request Tuesday, but the 60-day period can retroactively date back to storms that happened May 30.

Atterholt says his request isn't an order, but it does have support in the industry and he doesn't expect problems with compliance.

(Copyright 2008 by The Associated Press. All Rights Reserved.)



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