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NY A09244
Bill
Status
2/9/2022
Primary Sponsor
Christopher Burdick
Click for details
AI Summary
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Requires long-term care insurance policies to include a written statement projecting anticipated good faith premium rate increases over the next 10 years, with a history of past rate increases for the previous 10 years or comparable policies.
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Mandates the superintendent post a public notice of any long-term care insurance rate filing or application on the department's website within seven days and allow 30 days for public comment.
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Requires the superintendent to publicly post a written decision on the department's website explaining whether a rate filing is approved, disapproved, or modified, including why the decision serves policyholders' and certificate holders' best interests.
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Requires insurers to notify policyholders and certificate holders of rate decision outcomes, including projected rate increases and aggregated data on how similar policyholders responded to past rate increases (by age group).
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Mandates the superintendent establish minimum loss ratio standards for long-term care insurance plans that are at least as favorable as those in the National Association of Insurance Commissioners' model regulations.
Legislative Description
Requires the superintendent of financial services to make public any rate filing or application submitted by long term care insurance carriers; requires certain notices be provided to policyholders and certificate holders regarding premium rate increases; requires the superintendent ensure the proper standard for minimum ratio losses when establishing minimum benefit standards.
Last Action
referred to insurance
2/9/2022