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NY S04327
Bill
Status
6/2/2022
Primary Sponsor
Shelley Mayer
Click for details
AI Summary
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Requires long-term care insurance policies to include a written statement disclosing anticipated good faith premium rate increases over the next ten years and past premium rate increases over the previous ten years.
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Mandates the superintendent post a public notice summarizing any long-term care insurance rate filing or application on the department's website within seven days and allow thirty days for public comment.
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Requires the superintendent to publicly post all rate filing decisions (approval, disapproval, or modification) on the department's website with a summary of determinations and explanation of how the decision serves policyholders' and certificate holders' interests.
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Mandates insurers notify policyholders and certificate holders of rate filing decisions and provide aggregated, anonymized data on how past and current policyholders responded to rate increases, segmented by age group.
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Requires the superintendent to establish minimum loss ratio standards for long-term care insurance that are no less favorable to policyholders than those specified by 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
6/2/2022