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Assembly Bill A2283

2023-2024 Legislative Session

Provides for transparency in long term care insurance rates

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Archive: Last Bill Status - In Assembly Committee

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2023-A2283 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §1117, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: A8398
2021-2022: A6730

2023-A2283 (ACTIVE) - Summary

Provides for transparency in long term care insurance rates.

2023-A2283 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2283
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 25, 2023
                                ___________
 
 Introduced  by  M.  of  A.  BARCLAY,  LEMONDES, DeSTEFANO, J. M. GIGLIO,
   BLANKENBUSH -- read once and referred to the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation to providing transparency
   in long term care insurance rates
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  1117 of the insurance law is amended by adding a
 new subsection (h) to read as follows:
   (H) (1) ALL RATE FILING APPLICATIONS CONCERNING  POLICIES  COVERED  BY
 THE PROVISIONS OF THIS SECTION SHALL INCLUDE A PLAIN LANGUAGE SUMMARY OF
 SUCH APPLICATION IN A CLEAR AND CONSPICUOUS READABLE FORMAT.
   (2)  PRIOR  TO  THE SUBMISSION OF ANY RATE FILING APPLICATION WITH THE
 DEPARTMENT, AN INSURER COVERED BY THE PROVISIONS OF THIS  SECTION  SHALL
 NOTIFY  POLICYHOLDERS  OF  ANY PROPOSED RATE INCREASE. SUCH NOTIFICATION
 SHALL INCLUDE A STATEMENT DESCRIBING HOW THE  RATE  FILING  WILL  IMPACT
 POLICYHOLDERS,  A  JUSTIFICATION FOR THE RATE FILING, A GOOD FAITH ESTI-
 MATE, SPECIFIC TO THE  POLICYHOLDER, OF THE POLICYHOLDER'S RENEWAL  RATE
 IF  THE  RATE  FILING  APPLICATION IS APPROVED, AND A COMPARISON OF SUCH
 RATE ALONG WITH THE RATE SUCH POLICYHOLDER WOULD PAY IF SUCH    APPLICA-
 TION IS NOT APPROVED BY THE DEPARTMENT. SUCH NOTICE SHALL ALSO PROVIDE A
 LINK  TO A  WEBSITE WHERE THE POLICYHOLDER MAY REVIEW A COMPLETE COPY OF
 SUCH RATE FILING APPLICATION.
   (3) THE DEPARTMENT SHALL POST ALL RATE FILING APPLICATIONS  CONCERNING
 POLICIES  COVERED  BY  THIS  SECTION ON ITS WEBSITE WITHIN SEVEN DAYS OF
 RECEIPT OF ANY SUCH APPLICATION.
   (4) THE DEPARTMENT SHALL ACCEPT COMMENTS FROM POLICYHOLDERS CONCERNING
 ANY SUCH RATE FILING APPLICATION FOR A PERIOD OF  FORTY-FIVE  DAYS  FROM
 THE  DATE  ON  WHICH  SUCH APPLICATION WAS FILED WITH THE DEPARTMENT AND
 SHALL CONSIDER ALL SUCH COMMENTS IN ITS ADJUDICATION  OF  SUCH  APPLICA-
 TION.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05945-01-3

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