Assembly Bill A2941A

2019-2020 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 Assembly 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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Actions

Bill Amendments

co-Sponsors

multi-Sponsors

2019-A2941 - Details

See Senate Version of this Bill:
S6674
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9683, S7065
2017-2018: A2055, S3389
2021-2022: A5827, S19
2023-2024: A1812

2019-A2941 - 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.

2019-A2941 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2941
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2019
                                ___________
 
 Introduced by M. of A. D'URSO -- 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
 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.

co-Sponsors

multi-Sponsors

2019-A2941A (ACTIVE) - Details

See Senate Version of this Bill:
S6674
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9683, S7065
2017-2018: A2055, S3389
2021-2022: A5827, S19
2023-2024: A1812

2019-A2941A (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.

2019-A2941A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2941--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2019
                                ___________
 
 Introduced  by  M.  of  A.  D'URSO,  SAYEGH,  GOTTFRIED, GRIFFIN, SIMON,
   TAYLOR, ARROYO, OTIS -- Multi-Sponsored by -- M. of  A.  M. L. MILLER,
   MORINELLO, WRIGHT -- read once and referred to the Committee on Insur-
   ance  --  committee  discharged,  bill  amended,  ordered reprinted as
   amended and recommitted to said committee

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

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