New York A 7637: Relates to requiring actuarial certification of certain rate determinations made by the superintendent of financial services

Bill Text

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A07637 Summary:

BILL NOA07637 

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SAME ASSAME AS S05236

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SPONSORStern

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COSPNSR

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MLTSPNSR

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Amd §§3231 & 4308, Ins L

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Requires actuarial certification of certain rate determinations made by the superintendent, in accordance with practice standards established by the actuarial standards board.

Go to top A07637 Actions:

BILL NOA07637 

&nbsp

04/04/2025referred to insurance

01/07/2026referred to insurance

Go to topA07637 Committee&nbspVotes:

Go to topA07637 Floor&nbspVotes:

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

Go to topA07637 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7637

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 4, 2025
 ___________

 Introduced by M. of A. STERN -- read once and referred to the Committee
 on Insurance

 AN ACT to amend the insurance law, in relation to requiring actuarial
 certification of certain rate determinations made by the superinten-
 dent 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 1 of subsection (d) and subparagraph (A) of para-
 2 graph 1 of subsection (e) of section 3231 of the insurance law, para-
 3 graph 1 of subsection (d) as amended by section 1 of part A of chapter
 4 494 of the laws of 2009, and subparagraph (A) of paragraph 1 of
 5 subsection (e) as amended by chapter 107 of the laws of 2010 and as
 6 further amended by section 104 of part A of chapter 62 of the laws of
 7 2011, are amended to read as follows:
 8 (1) Notwithstanding any other provision of this chapter to the contra-
 9 ry, no policy form subject to this section shall be issued or delivered,
 10 nor any insurance contract entered into, unless and until the insurer
 11 has filed with the superintendent a schedule of premiums, not to exceed
 12 twelve months in duration, to be paid under the policy forms and
 13 obtained the superintendent's approval thereof. The superintendent may
 14 refuse such approval if [he or she] the superintendent finds that such
 15 premiums are excessive, inadequate, or unfairly discriminatory. The
 16 superintendent may consider the financial condition of such insurer in
 17 approving or disapproving any premium. In determining whether to approve
 18 the schedule of premiums filed, the superintendent shall, subject to the
 19 provisions of section three thousand two hundred thirty-three of this
 20 article, consider the prior experience of the insurer's community pool
 21 and the insurer's projections relating to claim costs, utilization and
 22 administrative expenses and shall not adjust the insurer's rates based
 23 upon the rates approved for other insurers. All premium rate determi-
 24 nations shall be certified by an actuary designated by the superinten-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04135-01-5

 A. 7637 2

 1 dent who meets the qualification standards established by the American
 2 academy of actuaries, who shall follow the practice standards estab-
 3 lished by the actuarial standards board, and who shall describe in
 4 detail the actuarial assumptions and methods used in the superinten-
 5 dent's determination.
 6 (A) An insurer desiring to increase or decrease premiums for any poli-
 7 cy form subject to this section shall submit a rate filing or applica-
 8 tion to the superintendent.
 9 An insurer shall send written notice of the proposed rate adjustment,
 10 including the specific change requested, to each policy holder and
 11 certificate holder affected by the adjustment on or before the date the
 12 rate filing or application is submitted to the superintendent. The
 13 notice shall prominently include mailing and website addresses for both
 14 the department of financial services and the insurer through which a
 15 person may, within thirty days from the date the rate filing or applica-
 16 tion is submitted to the superintendent, contact the department of
 17 financial services or insurer to receive additional information or to
 18 submit written comments to the department of financial services on the
 19 rate filing or application. The superintendent shall establish a process
 20 to post o