Bill Text: NY A08398 | 2019-2020 | General Assembly | Introduced


Bill Title: Provides for transparency in long term care insurance rates.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2020-01-08 - referred to insurance [A08398 Detail]

Download: New_York-2019-A08398-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          8398

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 15, 2019
                                       ___________

        Introduced  by  M. of A. BARCLAY, GARBARINO -- read once and referred to
          the Committee on Insurance

        AN ACT to amend the insurance law, in relation to providing transparency
          in long term care insurance rates

          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) (1) All rate filing applications concerning  policies  covered  by
     4  the provisions of this section shall include a plain language summary of
     5  such application in a clear and conspicuous readable format.
     6    (2)  Prior  to  the submission of any rate filing application with the
     7  department, an insurer covered by the provisions of this  section  shall
     8  notify  policyholders  of  any proposed rate increase. Such notification
     9  shall include a statement describing how the  rate  filing  will  impact
    10  policyholders,  a  justification for the rate filing, a good faith esti-
    11  mate, specific to the  policyholder, of the policyholder's renewal  rate
    12  if  the  rate  filing  application is approved, and a comparison of such
    13  rate along with the rate such policyholder would pay if such    applica-
    14  tion is not approved by the department. Such notice shall also provide a
    15  link  to a  website where the policyholder may review a complete copy of
    16  such rate filing application.
    17    (3) The department shall post all rate filing applications  concerning
    18  policies  covered  by  this  section on its website within seven days of
    19  receipt of any such application.
    20    (4) The department shall accept comments from policyholders concerning
    21  any such rate filing application for a period of  forty-five  days  from
    22  the  date  on  which  such application was filed with the department and
    23  shall consider all such comments in its adjudication  of  such  applica-
    24  tion.
    25    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13119-01-9
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