senate Bill S4327A

2021-2022 Legislative Session

Requires certain notices be posted and provided regarding long term care insurance policy changes

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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

Votes

view votes

May 18, 2021 - Insurance committee Vote

S4327A
10
1
committee
10
Aye
1
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

Insurance Committee Vote: May 18, 2021

nay (1)

S4327 - Details

Current Committee:
Senate Rules
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L

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.

S4327 - Sponsor Memo

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.

S4327A - Details

Current Committee:
Senate Rules
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L

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.

S4327A - Sponsor Memo

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.

S4327B (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L

S4327B (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.

S4327B (ACTIVE) - Sponsor Memo

S4327B (ACTIVE) - 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

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