Collections of Premium during COVID-19 Pandemic: NVA’s policy regarding payment of premium is consistent with our insurance partners’ recommendations and State Department of Insurance (DOI) requirements as indicated below:
All of NVA’s insured products currently include a 31-day grace period. It shall be the policy of NVA that, with respect to premiums due between April 1, 2020 and June 1, 2020, an additional 31 day grace period shall apply unless a particular State requires a longer grace period, in which case the longer grace period will apply for clients in that State only.
During the grace periods described in paragraph 1 above, NVA will not terminate any client for non-payment, nor will it institute any collection proceedings against a client for non-payment of premium.
“Grace period” means a period of time immediately after the deadline for premium payments during which a late fee, termination or other action is delayed provided the past due premium payments are satisfied during the grace period.
This policy may be extended at the sole discretion of NVA or in compliance with additional State requirements.
Except as modified by this policy, all other terms and conditions of your respective agreements shall remain unchanged.
Premium Collections During COVID-19 Pandemic- V04082020