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Assembly Bill A4442

2023-2024 Legislative Session

Increase in long-term policy rates

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Archive: Last Bill Status - In Assembly Committee

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2023-A4442 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§1117, 3216 & 3221, Ins L
Versions Introduced in 2021-2022 Legislative Session:
A8618

2023-A4442 (ACTIVE) - Summary

Requires long-term care policy rate increases shall not exceed 33% in a 3 year period.

2023-A4442 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4442
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 14, 2023
                                ___________
 
 Introduced  by M. of A. STECK -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in relation to  increasing  long-term
   care policy rates
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subsection (g) of section 1117  of  the  insurance  law  is
 amended by adding a new paragraph 5 to read as follows:
   (5)  AN  INCREASE TO A LONG-TERM CARE INSURANCE PLAN OR POLICY RATE BY
 AN AUTHORIZED INSURER,  HEALTH  MAINTENANCE  ORGANIZATION  OR  FRATERNAL
 BENEFIT  SOCIETY  SUBJECT  TO  THE  PROVISIONS OF THIS CHAPTER SHALL NOT
 EXCEED THIRTY-THREE PERCENT WITHIN A THREE YEAR PERIOD.
   § 2. Section 3216 of the insurance law is  amended  by  adding  a  new
 subsection (n) to read as follows:
   (N)  AN  INCREASE TO A LONG-TERM CARE INSURANCE PLAN OR POLICY RATE BY
 AN INSURER SUBJECT TO THE PROVISIONS OF THIS ARTICLE  SHALL  NOT  EXCEED
 THIRTY-THREE PERCENT WITHIN A THREE YEAR PERIOD.
   §  3.  Section  3221  of  the insurance law is amended by adding a new
 subsection (u) to read as follows:
   (U) AN INCREASE TO A LONG-TERM CARE INSURANCE PLAN OR POLICY  RATE  BY
 AN  INSURER  SUBJECT  TO THE PROVISIONS OF THIS ARTICLE SHALL NOT EXCEED
 THIRTY-THREE PERCENT WITHIN A THREE YEAR PERIOD.
   § 4. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06662-01-3

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