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Senate Bill S5338

2017-2018 Legislative Session

Relates to schedule rating plans reflecting individual risk characteristics of an employer

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2017-S5338 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §2347, Ins L
Versions Introduced in 2019-2020 Legislative Session:
S1377

2017-S5338 (ACTIVE) - Summary

Relates to schedule rating plans reflecting individual risk characteristics of an employer.

2017-S5338 (ACTIVE) - Sponsor Memo

2017-S5338 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5338
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              March 22, 2017
                                ___________
 
 Introduced by Sens. FUNKE, MURPHY -- 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 schedule rating plans
   reflecting individual risk characteristics of an employer
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  2347 of the insurance law is amended by adding a
 new subsection (f) to read as follows:
   (F) SUBJECT TO APPROVAL BY THE DEPARTMENT, AN INSURER MAY MAKE  AVAIL-
 ABLE  A  SCHEDULE RATING PLAN REFLECTING INDIVIDUAL RISK CHARACTERISTICS
 OF AN EMPLOYER. THE MAXIMUM RATING MODIFICATION PURSUANT  TO  SUCH  PLAN
 OFFERED  IN ACCORDANCE WITH THIS SUBDIVISION SHALL BE LIMITED TO PLUS OR
 MINUS TWENTY-FIVE PERCENT.  ANY SUCH RATING MODIFICATION IS EXCLUSIVE OF
 CREDITS OR DEBITS AUTHORIZED UNDER SECTION ONE  HUNDRED  THIRTY-FOUR  OF
 THE WORKERS' COMPENSATION LAW. THE RATING MODIFICATION IS FURTHER EXCLU-
 SIVE OF ALL PRICING MECHANISMS, INCLUDING EXPERIENCE AND MERIT RATING. A
 SCHEDULE  RATING  PLAN  MADE AVAILABLE PURSUANT TO THIS SUBSECTION SHALL
 NOT BE INCLUDED IN ANY GENERAL RATE CHANGE MADE PURSUANT  TO  SUBSECTION
 (A) OF THIS SECTION.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10751-01-7

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