Bill Text: NY A07255 | 2019-2020 | General Assembly | Introduced
Bill Title: Provides that no increase in premium rates for long-term care insurance in an amount in excess of 25 percent in one year shall be effective without authorization by concurrent resolution of the senate and assembly.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-01-08 - referred to insurance [A07255 Detail]
Download: New_York-2019-A07255-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7255 2019-2020 Regular Sessions IN ASSEMBLY April 18, 2019 ___________ Introduced by M. of A. KOLB -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to increases in premium rates for long-term care insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1117 of the insurance law is amended by adding a 2 new subsection (h) to read as follows: 3 (h) No request for an increase in premium rates for long-term care 4 insurance which has been approved by the superintendent in an amount in 5 excess of twenty-five percent in one year shall be effective unless such 6 premium rate increase has been authorized by concurrent resolution of 7 the senate and assembly. 8 § 2. This act shall take effect immediately and shall apply to all 9 policies and contracts issued, renewed, modified, altered or amended on 10 or after such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11090-01-9
