MN| The Minnesota Department of Commerce issued a Memorandum on Nov. 7, 2025 urging insurance and financial institutions regulated in Minnesota to support federal employees facing financial hardship due to the ongoing federal government shutdown. It emphasizes flexibility and proactive assistance for affected Minnesotans to help them maintain critical coverage and financial stability during this period of uncertainty.
Main Points:
- Insurance companies are encouraged to extend grace periods for premium payments, waive fees or penalties for late payments, offer alternative payment arrangements, and provide clear communication about these options to impacted policyholders.
- Financial institutions are asked to work constructively with affected customers, consider prudent loan modification programs, waive fees for late payments or account deficiencies, and proactively communicate about available flexible solutions.
- The Department appreciates regulated entities that have already implemented such measures and recognizes the strain the shutdown may place on company operations, expressing gratitude for their partnership and commitment to supporting Minnesotans.