Since early March, the New York State Department of Financial Services (“DFS”) has issued various emergency regulations, circular letters and other guidance intended to provide certain relief to policyholders, contract holders and insureds who can demonstrate financial hardship as a result of the COVID-19 pandemic, and that address many sectors of the insurance industry including health, life, and property and casualty insurance. In addition, legislation related to business interruption insurance has been introduced in the New York State Assembly and New York State Senate. The legislation includes a proposal to expand business interruption coverage provided to small businesses to include coverage for business interruption during a period of a declared state of emergency due to COVID-19, notwithstanding any other provision of law or regulation to the contrary, as well as a proposal to establish a process by which insurers providing such coverage may be reimbursed from funds that the DFS would collect from New York-licensed insurers.