Despite the insurance industry’s continued investment in insurtech in 2020, the COVID-19 pandemic posed particular challenges for state insurance regulators. Consumer dissatisfaction, whether expressed or simply feared, caused regulators to issue varying degrees of guidance and mandates. Regulators that historically would have balked at mid-term premium rebates encouraged, and even ordered, return of premium on insurance products whose risk profile changed dramatically due to the pandemic. Regulators embraced technology and demonstrated a willingness to reconsider long standing positions when faced with pressing need, including mandating forbearances related to cancellation for nonpayment of premium, easing the rules around telemedicine and easing the burden of paper filings with the state.

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