NY A02465

Requires long term care insurance carriers to submit rate filings to the Superintendent of Financial Services and obtain prior approval before increasing or decreasing premiums

Mandates insurers notify all affected policyholders and certificate holders of proposed rate adjustments on or before the date the rate filing is submitted, including contact information for the Department of Financial Services

Establishes a 30-day public comment period during which policyholders can submit written comments to the Department of Financial Services on proposed rate changes

Authorizes the Superintendent to approve, modify, or disapprove rate filings if premiums are found to be unreasonable, excessive, inadequate, unfairly discriminatory, or not in policyholders' best interests, with determinations due within 30-60 days

Requires insurers to provide at least 60 days advance written notice to policyholders before implementing any approved rate adjustment