Senate Bill S3389

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 - 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

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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) - 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-S3389 (ACTIVE) - Sponsor Memo

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.
              

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