Assembly Bill A6730

2021-2022 Legislative Session

Provides for transparency in long term care insurance rates

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

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2021-A6730 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: A8398
2023-2024: A2283

2021-A6730 (ACTIVE) - Summary

Provides for transparency in long term care insurance rates.

2021-A6730 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6730
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 29, 2021
                                ___________
 
 Introduced   by   M.   of   A.   BARCLAY,  SALKA,  LEMONDES,  DeSTEFANO,
   J. M. GIGLIO, BLANKENBUSH -- Multi-Sponsored by -- M. of A.  BROWN  --
   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:
 
   Section 1. Section 1117 of the insurance law is amended  by  adding  a
 new subsection (h) to read as follows:
   (H)  (1)  ALL  RATE FILING APPLICATIONS CONCERNING POLICIES COVERED BY
 THE PROVISIONS OF THIS SECTION SHALL INCLUDE A PLAIN LANGUAGE SUMMARY OF
 SUCH APPLICATION IN A CLEAR AND CONSPICUOUS READABLE FORMAT.
   (2) PRIOR TO THE SUBMISSION OF ANY RATE FILING  APPLICATION  WITH  THE
 DEPARTMENT,  AN  INSURER COVERED BY THE PROVISIONS OF THIS SECTION SHALL
 NOTIFY POLICYHOLDERS OF ANY PROPOSED RATE  INCREASE.  SUCH  NOTIFICATION
 SHALL  INCLUDE  A  STATEMENT  DESCRIBING HOW THE RATE FILING WILL IMPACT
 POLICYHOLDERS, A JUSTIFICATION FOR THE RATE FILING, A GOOD  FAITH  ESTI-
 MATE,  SPECIFIC TO THE  POLICYHOLDER, OF THE POLICYHOLDER'S RENEWAL RATE
 IF THE RATE FILING APPLICATION IS APPROVED, AND  A  COMPARISON  OF  SUCH
 RATE  ALONG  WITH THE RATE SUCH POLICYHOLDER WOULD PAY IF SUCH  APPLICA-
 TION IS NOT APPROVED BY THE DEPARTMENT. SUCH NOTICE SHALL ALSO PROVIDE A
 LINK TO A  WEBSITE WHERE THE POLICYHOLDER MAY REVIEW A COMPLETE COPY  OF
 SUCH RATE FILING APPLICATION.
   (3)  THE DEPARTMENT SHALL POST ALL RATE FILING APPLICATIONS CONCERNING
 POLICIES COVERED BY THIS SECTION ON ITS WEBSITE  WITHIN  SEVEN  DAYS  OF
 RECEIPT OF ANY SUCH APPLICATION.
   (4) THE DEPARTMENT SHALL ACCEPT COMMENTS FROM POLICYHOLDERS CONCERNING
 ANY  SUCH  RATE  FILING APPLICATION FOR A PERIOD OF FORTY-FIVE DAYS FROM
 THE DATE ON WHICH SUCH APPLICATION WAS FILED  WITH  THE  DEPARTMENT  AND
 SHALL  CONSIDER  ALL  SUCH COMMENTS IN ITS ADJUDICATION OF SUCH APPLICA-
 TION.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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