New York A 2465: Relates to long term care insurance rates

Bill Text

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A02465 Summary:

BILL NOA02465 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORDinowitz

&nbsp

COSPNSROtis, Stern, Kassay

&nbsp

MLTSPNSR

&nbsp

Amd §1117, Ins L

&nbsp

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.

Go to top A02465 Actions:

BILL NOA02465 

&nbsp

01/17/2025referred to insurance

01/07/2026referred to insurance

Go to topA02465 Committee&nbspVotes:

Go to topA02465 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA02465 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2465

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 17, 2025
 ___________

 Introduced by M. of A. DINOWITZ, OTIS, STERN -- 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:

 1 Section 1. Paragraph 3 of subsection (f) of section 1117 of the insur-
 2 ance law, as added by chapter 245 of the laws of 1986, is amended to
 3 read as follows:
 4 (3) the premium rates for the long term care plan are reasonably
 5 related to the benefits provided, and are self-supporting, as determined
 6 by the superintendent pursuant to subsection (m) of this section; and
 7 § 2. Section 1117 of the insurance law is amended by adding a new
 8 subsection (m) to read as follows:
 9 (m) An insurer desiring to increase or decrease premiums for any poli-
 10 cy subject to this section shall submit a rate filing or application to
 11 the superintendent. An insurer shall send written notice of the
 12 proposed rate adjustment, including the specific change requested, to
 13 each policy holder and certificate holder affected by the adjustment on
 14 or before the date the rate filing or application is submitted to the
 15 superintendent. The notice shall prominently include mailing and website
 16 addresses for both the department of financial services and the insurer
 17 through which a person may, within thirty days from the date the rate
 18 filing or application is submitted to the superintendent, contact the
 19 department of financial services or insurer to receive additional infor-
 20 mation or to submit written comments to the department of financial
 21 services on the rate filing or application. The superintendent shall
 22 establish a process to post on such department's website, in a timely
 23 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.
 LBD04448-01-5

 A. 2465 2

 1 filings or applications. The insurer shall provide a copy of the notice
 2 to the superintendent with the rate filing or application. The super-
 3 intendent shall immediately cause the notice to be posted on the depart-
 4 ment of financial services' website. The superintendent shall determine
 5 whether the filing or application shall become effective as filed, shall
 6 become effective as modified, or shall be disapproved. The superinten-
 7 dent may modify or disapprove the rate filing or application if the
 8 superintendent finds that the premiums are unreasonable, excessive,
 9 inadequate, unfairly discriminatory or otherwise not in the best inter-
 10 ests of policy holders and certificate holders, and may consider the
 11 financial condition of the insurer when approving, modifying or disap-
 12 proving any premium adjustment. The determination of the superintendent
 13 shall be supported by sound actuarial assumptions and methods, shall
 14 include a statement regarding the best interests of policy holders and
 15 certificate holders with respect to the rate filing or application, and
 16 shall be rendered in writing between thirty and sixty days from the date
 17 the rate filing or application is submitted to the superintendent.
 18 Should the superintendent require additional information from the insur-
 19 er in order to make a determination, the superint