Bill Text: NY S04328 | 2021-2022 | General Assembly | Introduced

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Bill Title: Requires the superintendent of financial services to make public any rate filing or application submitted by long term care insurance carriers who propose to raise long term care insurance premiums; establishes the superintendent shall make such rate filing or application publicly available on the department's website within seven days and shall provide for a process for the public to comment on such rate filing or application for a period of thirty days after the rate filing or application is made publicly available; requires that the superintendent, in making a determination to approve, disapprove, or modify any such filing or application, shall consider the best interests of the policy holders and certificate holders and shall render a decision in writing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO INSURANCE [S04328 Detail]

Download: New_York-2021-S04328-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4328

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 3, 2021
                                       ___________

        Introduced  by  Sen.  MAYER  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Insurance

        AN ACT to amend the insurance law, in relation to requiring  the  super-
          intendent  of  financial  services  to  make public any rate filing or
          application submitted by long term care insurance carriers who propose
          to raise long term care insurance premiums

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph 3 of subsection (f) of section 1117 of the insur-
     2  ance  law,  as  added  by chapter 245 of the laws of 1986, is amended to
     3  read as follows:
     4    (3) the premium rates for the  long  term  care  plan  are  reasonably
     5  related to the benefits provided, and are self-supporting, as determined
     6  by the superintendent pursuant to subsection (i) of this section; and
     7    §  2.   Section 1117 of the insurance law is amended by adding two new
     8  subsections (h) and (i) to read as follows:
     9    (h) Whenever an insurer submits a rate filing or  application  to  the
    10  superintendent  to  increase or decrease premiums for any policy subject
    11  to this section, the superintendent  shall  make  such  rate  filing  or
    12  application  publicly available on the department's website within seven
    13  days. The superintendent shall provide for a process for the  public  to
    14  comment  on  such rate filing or application on the department's website
    15  for a period of thirty days after the rate filing or application is made
    16  publicly available.
    17    (i) The superintendent, in making a determination to  approve,  disap-
    18  prove, or modify any such filing or application, shall consider the best
    19  interests of the policy holders and certificate holders and shall render
    20  a  decision  regarding  approval,  disapproval,  or modification of such
    21  increase or decrease in premiums in writing which includes a  statement,
    22  with relevant detail, as to the best interests of the policy holders and
    23  certificate  holders  with  respect  to  such  approval, disapproval, or

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09380-01-1
        S. 4328                             2

     1  modification. Such written decision shall be made publicly available  on
     2  the department's website no later than the date on which the rate filing
     3  or application is approved, disapproved, or modified.
     4    § 3. This act shall take effect immediately.