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Assembly Bill A1379

2017-2018 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 - Stricken

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2017-A1379 (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L
Versions Introduced in 2015-2016 Legislative Session:
A9140

2017-A1379 (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.

2017-A1379 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1379
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 12, 2017
                                ___________
 
 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)  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.
   § 2. This act shall take effect immediately.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03489-01-7

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