Last week we provided the updates from every Insurance Company but Manulife and RBC Insurance on what they are offering their employers during this time. When we released our Blog last week neither Manulife or RBC Insurance had announced this information.
We have received the following from the two outstanding Insurance Companies:
If the client needs additional support, one of the many solutions we can explore includes premium deferrals up to 60 days, without claim suspension. We will do it on a case by case basis to ensure it is the right approach for the client at this time.
Renewal adjustments for May, June and July will be deferred 60 days unless the adjustment is a decrease. Premium decreases will still take effect
- May 1 renewal – renewal rate changes implemented July 1st
- June 1 renewal – renewal rate changes implemented August 1st
- July 1 renewal – renewal rate changes implemented September 1st
RBC hasn’t come out with a formal announcement but our Sales Rep has advised us that RBC has extended their grace period on in force plans to assist with premium relief (and will work with plan administrators on a case by case basis as required) and have deferred renewals for May and June groups for two months.
Please contact Glendinning Insurance Services at 250-764-0142 if you require assistance.
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