NY A07637

Requires all insurance premium rate determinations made by the Superintendent of Financial Services to be certified by an actuary designated by the superintendent

Actuaries providing certification must meet qualification standards established by the American Academy of Actuaries and follow practice standards set by the Actuarial Standards Board

Applies to both individual and small group health insurance rate filings under Insurance Law Section 3231, as well as health maintenance organization and non-profit health insurer contracts under Section 4308

For initial premium schedule approvals, the certifying actuary must describe in detail the actuarial assumptions and methods used in the superintendent's determination

Takes effect immediately upon enactment