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Assembly Bill A9140A

2015-2016 Legislative Session

Relates to providing for a reduced benefit plan upon a twenty percent or greater aggregate increase over the original premium rate of long term care insurance

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2015-A9140 - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L
Versions Introduced in 2017-2018 Legislative Session:
A1379

2015-A9140 - Summary

Relates to offering an insured the option of a contingent non-forfeiture agreement upon a twenty percent or greater aggregate increase over the original premium rate of long term care insurance.

2015-A9140 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9140

                          I N  A S S E M B L Y

                            January 29, 2016
                               ___________

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

AN ACT to amend the insurance law, in relation to providing for  benefit
  reduction plans

  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 (c-1) to read as follows:
   (C-1)  THE  PREMIUM  RATES  FOR SUCH CONTRACTS SHALL BE LEVEL FOR THE
DURATION OF THE POLICY OR CERTIFICATE EXCEPT WHERE A  RATE  INCREASE  IS
GRANTED  BY  THE  SUPERINTENDENT.  IF  A RATE INCREASE WOULD RESULT IN A
TWENTY PERCENT OR MORE AGGREGATE  INCREASE  OVER  THE  ORIGINAL  PREMIUM
RATE, AN INSURER SHALL, AT THE SAME TIME, OFFER AN INSURED THE OPTION OF
REDUCING BENEFITS FOR THE RATE OF THE LATEST PREMIUM PAID BY THE INSURED
FOR  THE  DURATION  OF THE LIFE OF THE POLICY OR CERTIFICATE. AN INSURED
SHALL AT SUCH TIME BE NOTIFIED OF THE SPECIFIC  REDUCTIONS  IN  COVERAGE
THAT WOULD ENSUE UPON SELECTING A REDUCED BENEFIT PLAN. AN INSURED SHALL
BE  NOTIFIED  OF  THE OPTION TO SELECT A REDUCED BENEFIT PLAN, UNDER THE
CONDITIONS PROVIDED FOR BY THIS SUBSECTION, PRIOR TO THE EXECUTION OF  A
POLICY OR CERTIFICATE.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13233-01-5

2015-A9140A (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L
Versions Introduced in 2017-2018 Legislative Session:
A1379

2015-A9140A (ACTIVE) - Summary

Relates to offering an insured the option of a contingent non-forfeiture agreement upon a twenty percent or greater aggregate increase over the original premium rate of long term care insurance.

2015-A9140A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 9140--A

                          I N  A S S E M B L Y

                            January 29, 2016
                               ___________

Introduced  by  M.  of  A.  SIMANOWITZ  -- read once and referred to the
  Committee on Insurance -- committee discharged, bill amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT to amend the insurance law, in relation to providing for benefit
  reduction plans

  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 (c-1) to read as follows:
   (C-1) IF A RATE INCREASE WOULD RESULT IN A  TWENTY  PERCENT  OR  MORE
CUMULATIVE  AGGREGATE INCREASE OVER THE ORIGINAL ISSUED PREMIUM RATE, AN
INSURER SHALL, AT THE SAME TIME,  OFFER  AN  INSURED  THE  OPTION  OF  A
CONTINGENT  NON-FORFEITURE  AGREEMENT.  AN INSURED SHALL AT SUCH TIME BE
NOTIFIED OF THE SPECIFIC  STRUCTURE  OF  THE  CONTINGENT  NON-FORFEITURE
AGREEMENT.  AN  INSURED  SHALL  BE  NOTIFIED  OF  THE  OPTION CONTINGENT
NON-FORFEITURE AGREEMENT, UNDER THE  CONDITIONS  PROVIDED  FOR  BY  THIS
SUBSECTION, PRIOR TO THE EXECUTION OF A POLICY OR CERTIFICATE.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13233-02-6

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