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NY S07283

Bill

Official Source

Status

Passed

4/18/2018

Primary Sponsor

Joseph Robach

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Amends workers' compensation law to require insurance carriers under common control to maintain the same rates as the expiring contract unless providing written notice of conditional renewal
  • Notice of premium increase must be mailed or delivered at least 30 days before policy expiration and must specify the amount of increase or provide a reasonable estimate based on available information
  • Premium increase threshold for conditional renewal is 10 percent, excluding increases from approved loss costs, exposure units, experience rating, merit rating, retrospective rating, audit, or removal/reduction of credits or deductibles
  • Clarifies that carriers need not provide notice if the employer, authorized agent, broker, or another insurance carrier has already notified the carrier that the policy is replaced or no longer desired
  • Takes effect on the same date as chapter 469 of the laws of 2017

Legislative Description

Relates to conditional renewal notices to policyholders; provides that a contract of insurance shall remain in full force and effect subject to the same rates as the expiring contract of insurance rates; makes related provisions.

Last Action

SIGNED CHAP.11

4/18/2018

Committee Referrals

Labor1/30/2018
Rules1/5/2018

Full Bill Text

No bill text available