Regulators acted fast to provide needed relief for those impacted by Hurricane Ida in late August of this year. Hurricane Ida was a Category 4 storm and severely affected the state of Louisiana once it made landfall. With approximate damage of over $65 billion, it became the second-most damaging hurricane on record, behind Hurricane Katrina with approximately $125 billion of damage in 2005.
INT 21-02 Hurricane Ida provides a 60-day extension from the 90-day rule for uncollected premium balances, bills receivable, and amounts due from agents and policies directly impacted by Hurricane Ida noted events.
Interprets the following SSAP:
SSAP No. 6—Uncollected Premium Balances, Bills Receivable for Premiums, and Amounts Due from Agents and Brokers
Immediately and is set to expire on January 24, 2022