Assembly Bill A2055

2017-2018 Legislative Session

Requires long term care insurance carriers who propose to raise long term care insurance premiums to obtain prior approval of the superintendent of financial services

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


  • 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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2017-A2055 (ACTIVE) - Details

See Senate Version of this Bill:
S3389
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9683, S7065
2019-2020: A2941, S6674
2021-2022: A5827, S19
2023-2024: A1812

2017-A2055 (ACTIVE) - Summary

Requires long term care insurance carriers who propose to raise long term care insurance premiums to obtain prior approval of the superintendent of financial services.

2017-A2055 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2055
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2017
                                ___________
 
 Introduced by M. of A. MAYER, BUCHWALD, GOTTFRIED, BICHOTTE, BRAUNSTEIN,
   SIMON,  McDONOUGH,  GALEF,  ZEBROWSKI, BARRETT, COOK, ABINANTI, STECK,
   RAIA -- Multi-Sponsored by -- M. of A. CROUCH, GIGLIO, THIELE --  read
   once and referred 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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