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NY A04192
Bill
Status
2/13/2023
Primary Sponsor
Steve Stern
Click for details
AI Summary
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Requires all premium rate determinations made by the superintendent for long-term care insurance (Article 3231) to be certified by an actuary meeting American Academy of Actuaries qualification standards and following Actuarial Standards Board practice standards.
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Requires the certifying actuary to describe in detail the actuarial assumptions and methods used in the superintendent's rate determination for long-term care insurance policies.
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Applies the same actuarial certification requirements to rate determinations for health maintenance organizations and other corporations subject to Article 4308 of the insurance law.
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Takes effect immediately upon enactment.
Legislative Description
Requires actuarial certification of certain rate determinations made by the superintendent, in accordance with practice standards established by the actuarial standards board.
Last Action
referred to insurance
1/3/2024