Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 02, 2022 |
referred to insurance delivered to assembly passed senate |
May 23, 2022 |
amended on third reading 4327c |
Feb 02, 2022 |
advanced to third reading |
Feb 01, 2022 |
2nd report cal. |
Jan 31, 2022 |
1st report cal.347 |
Jan 05, 2022 |
referred to insurance |
Jun 10, 2021 |
committed to rules |
May 24, 2021 |
advanced to third reading amended 4327b |
May 20, 2021 |
2nd report cal. |
May 18, 2021 |
1st report cal.1161 |
May 04, 2021 |
print number 4327a |
May 04, 2021 |
amend (t) and recommit to insurance |
Feb 03, 2021 |
referred to insurance |
Senate Bill S4327A
2021-2022 Legislative Session
Sponsored By
(D, WF) 37th Senate District
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
Actions
Votes
Bill Amendments
2021-S4327 - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1117, Ins L
- Versions Introduced in 2023-2024 Legislative Session:
-
S2330
2021-S4327 - Summary
Requires the superintendent of financial services to make public any rate filing or application submitted by long term care insurance carriers; requires certain notices be provided to policyholders and certificate holders regarding premium rate increases; requires the superintendent ensure the proper standard for minimum ratio losses when establishing minimum benefit standards.
2021-S4327 - Sponsor Memo
BILL NUMBER: S4327 SPONSOR: MAYER TITLE OF BILL: An act to amend the insurance law, in relation to notices to increase premium rates for long-term care insurance PURPOSE OR GENERAL IDEA OF BILL: To provide prospective buyers of long-term care insurance with estimates of premium increases and other related information so that they can make an informed decision based on estimated future financial impacts. SUMMARY OF PROVISIONS: Section 1 requires insurers selling long-term care insurance to, before the policy is executed, provide the prospective insured with a written statement as to the anticipated good faith increases in premiums for the policy in question over the next ten years and a graph showing past premium rate increases over the previous ten years for such policy (or a
2021-S4327 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4327 2021-2022 Regular Sessions I N S E N A T E February 3, 2021 ___________ Introduced by Sen. MAYER -- 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 notices to increase premium rates for long-term care insurance THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraphs (E) and (F) of paragraph 6 of subsection (b) of section 1117 of the insurance law, as amended by chapter 424 of the laws of 2016, are amended and a new subparagraph (G) is added to read as follows: (E) A graphic demonstration of the maximum daily nursing home benefit level provided by the policy or certificate, and the impact that the selection of any inflation protection options would have on such maximum daily nursing home benefit level; [and] (F) The right of the prospective insured, upon attaining the age of sixty-five years, to designate a third party who will receive a copy of any notices of nonpayment of premiums due or notice of cancellation for nonpayment of premiums that is sent to the prospective insured. For the purpose of this paragraph, "home care services" shall have the same meaning as defined in subdivision one of section thirty-six hundred two of the public health law. The prospective insured, or his or her representative, shall acknowledge that the required disclosure has been made by signing the disclosure statement prior to or contemporaneously with the effective date of the policy or certificate. Failure to provide information required by subparagraph (D) of this paragraph shall not be construed as a violation of this section if such information has not been made available by the department of health[.]; AND (G) A WRITTEN STATEMENT AS TO THE ANTICIPATED GOOD FAITH INCREASES OF PREMIUM RATES FOR SUCH POLICY OR CERTIFICATE OVER THE NEXT TEN YEARS. SUCH STATEMENT SHALL INCLUDE A GRAPHIC DEMONSTRATION ILLUSTRATING PAST EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2021-S4327A - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1117, Ins L
- Versions Introduced in 2023-2024 Legislative Session:
-
S2330
2021-S4327A - Summary
Requires the superintendent of financial services to make public any rate filing or application submitted by long term care insurance carriers; requires certain notices be provided to policyholders and certificate holders regarding premium rate increases; requires the superintendent ensure the proper standard for minimum ratio losses when establishing minimum benefit standards.
2021-S4327A - Sponsor Memo
BILL NUMBER: S4327A SPONSOR: MAYER TITLE OF BILL: An act to amend the insurance law, in relation to requiring certain notices be posted and provided regarding long term care insurance policy changes PURPOSE OR GENERAL IDEA OF BILL: To increase transparency in the long-term care insurance premium rate increase approval process by providing for additional communications to insureds by the Department of Financial Services with respect to a rate increase application, to require that the best interest of the policy- holders be explicitly considered by the Department of Financial Services when making a determination as to such application, and to require addi- tional disclosures to policyholders by insurance companies. SUMMARY OF PROVISIONS: Section 1 requires insurers requesting premium rate increases for long-
2021-S4327A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4327--A 2021-2022 Regular Sessions I N S E N A T E February 3, 2021 ___________ Introduced by Sen. MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to requiring certain notices be posted and provided regarding long term care insurance policy changes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraphs (E) and (F) of paragraph 6 of subsection (b) of section 1117 of the insurance law, as amended by chapter 424 of the laws of 2016, are amended and two new subparagraphs (G) and (H) are added to read as follows: (E) A graphic demonstration of the maximum daily nursing home benefit level provided by the policy or certificate, and the impact that the selection of any inflation protection options would have on such maximum daily nursing home benefit level; [and] (F) The right of the prospective insured, upon attaining the age of sixty-five years, to designate a third party who will receive a copy of any notices of nonpayment of premiums due or notice of cancellation for nonpayment of premiums that is sent to the prospective insured[.]; (G) A WRITTEN STATEMENT AS TO THE ANTICIPATED GOOD FAITH INCREASES OF PREMIUM RATES FOR SUCH POLICY OR CERTIFICATE OVER THE NEXT TEN YEARS. SUCH STATEMENT SHALL INCLUDE A LIST OF PAST PREMIUM RATE INCREASES FOR SUCH POLICY OR CERTIFICATE OVER THE PREVIOUS TEN YEARS, OR IF SUCH POLI- CY OR CERTIFICATE WAS NOT OFFERED OVER THE PREVIOUS TEN YEARS, PAST PREMIUM RATE INCREASES FOR SIMILAR POLICIES OR CERTIFICATES OVER THE PREVIOUS TEN YEARS; AND (H) THE RIGHT OF THE PROSPECTIVE INSURED TO SUBMIT PUBLIC COMMENTS ON ANY RATE FILING OR APPLICATION REGARDING PREMIUM RATES ON THE DEPART- MENT'S WEBSITE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2021-S4327B - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1117, Ins L
- Versions Introduced in 2023-2024 Legislative Session:
-
S2330
2021-S4327B - Summary
Requires the superintendent of financial services to make public any rate filing or application submitted by long term care insurance carriers; requires certain notices be provided to policyholders and certificate holders regarding premium rate increases; requires the superintendent ensure the proper standard for minimum ratio losses when establishing minimum benefit standards.
2021-S4327B - Sponsor Memo
BILL NUMBER: S4327B SPONSOR: MAYER TITLE OF BILL: An act to amend the insurance law, in relation to requiring certain notices be posted and provided regarding long term care insurance policy changes PURPOSE OR GENERAL IDEA OF BILL: To raise the minimum loss ratio standard for premium increases for long- term care insurance policies, to increase transparency in the long-term care insurance premium rate increase approval process by providing for additional communications to insureds by the Department of Financial Services with respect to a rate increase application, to require that the best interest of the policyholders be explicitly considered by the Department of Financial Services when making a determination as to such application, and to require additional disclosures to policyholders by insurance companies. SUMMARY OF PROVISIONS:
2021-S4327B - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4327--B Cal. No. 1161 2021-2022 Regular Sessions I N S E N A T E February 3, 2021 ___________ Introduced by Sen. MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported favorably from said committee, ordered to first and second report, amended on second report, ordered to a third reading, and to be reprinted as amended, retaining its place in the order of third reading AN ACT to amend the insurance law, in relation to requiring certain notices be posted and provided regarding long term care insurance policy changes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraphs (E) and (F) of paragraph 6 of subsection (b) of section 1117 of the insurance law, as amended by chapter 424 of the laws of 2016, are amended and two new subparagraphs (G) and (H) are added to read as follows: (E) A graphic demonstration of the maximum daily nursing home benefit level provided by the policy or certificate, and the impact that the selection of any inflation protection options would have on such maximum daily nursing home benefit level; [and] (F) The right of the prospective insured, upon attaining the age of sixty-five years, to designate a third party who will receive a copy of any notices of nonpayment of premiums due or notice of cancellation for nonpayment of premiums that is sent to the prospective insured[.]; (G) A WRITTEN STATEMENT AS TO THE ANTICIPATED GOOD FAITH INCREASES OF PREMIUM RATES FOR SUCH POLICY OR CERTIFICATE OVER THE NEXT TEN YEARS. SUCH STATEMENT SHALL INCLUDE A LIST OF PAST PREMIUM RATE INCREASES FOR SUCH POLICY OR CERTIFICATE OVER THE PREVIOUS TEN YEARS, OR IF SUCH POLI- CY OR CERTIFICATE WAS NOT OFFERED OVER THE PREVIOUS TEN YEARS, PAST PREMIUM RATE INCREASES FOR SIMILAR POLICIES OR CERTIFICATES OVER THE PREVIOUS TEN YEARS; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
2021-S4327C (ACTIVE) - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §1117, Ins L
- Versions Introduced in 2023-2024 Legislative Session:
-
S2330
2021-S4327C (ACTIVE) - Summary
Requires the superintendent of financial services to make public any rate filing or application submitted by long term care insurance carriers; requires certain notices be provided to policyholders and certificate holders regarding premium rate increases; requires the superintendent ensure the proper standard for minimum ratio losses when establishing minimum benefit standards.
2021-S4327C (ACTIVE) - Sponsor Memo
BILL NUMBER: S4327C SPONSOR: MAYER TITLE OF BILL: An act to amend the insurance law, in relation to requiring certain notices be posted and provided regarding long term care insurance policy changes PURPOSE OR GENERAL IDEA OF BILL: To increase transparency in the long-term care insurance premium rate increase approval process by providing for additional communications to insureds by the Department of Financial Services with respect to a rate increase application and the ability for public comment, to require that the best interest of the policyholders be considered by the Department of Financial Services when making a determination as to such applica- tion, to require additional disclosures to policyholders by insurance companies, and to ensure a high minimum loss ratio standard for premium increases for longterm care insurance policies. SUMMARY OF PROVISIONS:
2021-S4327C (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4327--C Cal. No. 347 2021-2022 Regular Sessions I N S E N A T E February 3, 2021 ___________ Introduced by Sen. MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported favorably from said committee, ordered to first and second report, amended on second report, ordered to a third reading, and to be reprinted as amended, retaining its place in the order of third reading -- recommitted to the Committee on Insur- ance in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the insurance law, in relation to requiring certain notices be posted and provided regarding long term care insurance policy changes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraphs (E) and (F) of paragraph 6 of subsection (b) of section 1117 of the insurance law, as amended by chapter 424 of the laws of 2016, are amended and ten new subparagraphs (G), (H), (I), (J), (K), (L), (M), (N), (O) and (P) are added to read as follows: (E) A graphic demonstration of the maximum daily nursing home benefit level provided by the policy or certificate, and the impact that the selection of any inflation protection options would have on such maximum daily nursing home benefit level; [and] (F) The right of the prospective insured, upon attaining the age of sixty-five years, to designate a third party who will receive a copy of any notices of nonpayment of premiums due or notice of cancellation for nonpayment of premiums that is sent to the prospective insured[.]; (G) (I) A WRITTEN STATEMENT AS TO WHETHER THE INSURER ANTICIPATES REQUESTING INCREASES OF PREMIUM RATES FOR SUCH POLICY OR CERTIFICATE OVER THE NEXT TEN YEARS; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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