NY A01812

Requires long-term care insurance carriers to submit rate filings to the superintendent of financial services before increasing or decreasing premiums on any affected policies.

Mandates insurers notify all affected policyholders and certificate holders of proposed rate changes on or before submitting the filing to the superintendent, with contact information for the department of financial services and opportunity to submit comments within 30 days.

Directs the superintendent to review rate filings within 30 to 60 days and determine whether to approve, modify, or disapprove based on whether premiums are reasonable, not excessive or inadequate, and in the best interests of policyholders, with consideration of the insurer's financial condition.

Requires the superintendent's determination to be supported by sound actuarial assumptions and methods, rendered in writing, and post relevant public comments on the department's website.

Requires insurers to provide at least 60 days advance written notice to affected policyholders and certificate holders before implementing any superintendent-approved premium rate adjustments.