Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to insurance |
Jan 23, 2017 |
referred to insurance |
Senate Bill S3389
2017-2018 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
(D, WF) 28th Senate District
(D, WF) 37th Senate District
2017-S3389 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1117, Ins L
- Versions Introduced in Other Legislative Sessions:
-
2015-2016:
S7065
2019-2020: S6674
2021-2022: S19
2017-S3389 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3389 TITLE OF BILL : An act to amend the insurance law, in relation to requiring long term care insurance carriers who propose to raise long term care insurance premiums to obtain prior approval of the superintendent of financial services PURPOSE OR GENERAL IDEA OF BILL : The purpose of this legislation is to establish a process and timeframe for the Department of Financial Services to provide public notice and notice to policy holders prior to approval of changes to long term care (LTC) insurance premiums. In addition, the bill requires the Department of Financial Services to approve such changes prior to implementation. This bill addresses a serious problem that has occurred when long term care insurance providers increase rates without any consumer notice or opportunity to challenge, and when such increases are not in the best interests of policy holders. SUMMARY OF SPECIFIC PROVISIONS : Section 1 of the bill amends paragraph 3 of subsection (f) of section 1117 of the insurance law which relates to premium rates for long term care plans. Section 2 of the bill amends section 1117 of the insurance law by
2017-S3389 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3389 2017-2018 Regular Sessions I N S E N A T E January 23, 2017 ___________ Introduced by Sens. VALESKY, KRUEGER -- 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 long term care insurance carriers who propose to raise long term care insurance premiums to obtain prior approval of the superintendent of financial services THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subsection (f) of section 1117 of the insur- ance law, as added by chapter 245 of the laws of 1986, is amended to read as follows: (3) the premium rates for the long term care plan are reasonably related to the benefits provided, and are self-supporting, AS DETERMINED BY THE SUPERINTENDENT PURSUANT TO SUBSECTION (H) OF THIS SECTION; and § 2. Section 1117 of the insurance law is amended by adding a new subsection (h) to read as follows: (H) AN INSURER DESIRING TO INCREASE OR DECREASE PREMIUMS FOR ANY POLI- CY SUBJECT TO THIS SECTION SHALL SUBMIT A RATE FILING OR APPLICATION TO THE SUPERINTENDENT. AN INSURER SHALL SEND WRITTEN NOTICE OF THE PROPOSED RATE ADJUSTMENT, INCLUDING THE SPECIFIC CHANGE REQUESTED, TO EACH POLICY HOLDER AND CERTIFICATE HOLDER AFFECTED BY THE ADJUSTMENT ON OR BEFORE THE DATE THE RATE FILING OR APPLICATION IS SUBMITTED TO THE SUPERINTENDENT. THE NOTICE SHALL PROMINENTLY INCLUDE MAILING AND WEBSITE ADDRESSES FOR BOTH THE DEPARTMENT OF FINANCIAL SERVICES AND THE INSURER THROUGH WHICH A PERSON MAY, WITHIN THIRTY DAYS FROM THE DATE THE RATE FILING OR APPLICATION IS SUBMITTED TO THE SUPERINTENDENT, CONTACT THE DEPARTMENT OF FINANCIAL SERVICES OR INSURER TO RECEIVE ADDITIONAL INFOR- MATION OR TO SUBMIT WRITTEN COMMENTS TO THE DEPARTMENT OF FINANCIAL SERVICES ON THE RATE FILING OR APPLICATION. THE SUPERINTENDENT SHALL ESTABLISH A PROCESS TO POST ON SUCH DEPARTMENT'S WEBSITE, IN A TIMELY MANNER, ALL RELEVANT WRITTEN COMMENTS RECEIVED PERTAINING TO RATE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.