Bill S4290A-2013

Provides that written notice of premium rate changes be given not less than sixty days prior to the effective date of such rate changes

Provides that written notice of premium rate changes be given not less than sixty days prior to the effective date of such rate changes.

Details

Actions

  • Jan 31, 2014: PRINT NUMBER 4290A
  • Jan 31, 2014: AMEND AND RECOMMIT TO INSURANCE
  • Jan 8, 2014: REFERRED TO INSURANCE
  • Mar 19, 2013: REFERRED TO INSURANCE

Memo

BILL NUMBER:S4290A

TITLE OF BILL: An act to amend the insurance law, in relation to providing written notice of premium rate changes not less than sixty days prior to the effective date of such rate changes

PURPOSE OR GENERAL IDEA OF BILL:

Provides that written notice of premium rate changes be given not less than sixty days prior to the effective date of such rate changes.

SUMMARY OF SPECIFIC PROVISIONS:

At the time of coverage renewal, an insurer may modify the health insurance coverage for a group or blanket policy offered to a large, or small group of policyholder so long as such modification is consistent with this chapter and effective on a uniform basis among all small group policyholders with that policy form.

JUSTIFICATION:

This will assist policyholders and individuals with financial planning. It will also help with advance planning for employers who offer group health plans for their employees.

PRIOR LEGISLATIVE HISTORY:

2013 - S .4290/A.331-A - INSURANCE/Insurance 2012 - S.7316/A.1247--INSURANCE/Insurance 2010 - A7186 -- Insurance

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect the first of January next succeeding the date on which it shall have become a law.


Text

STATE OF NEW YORK ________________________________________________________________________ 4290--A 2013-2014 Regular Sessions IN SENATE March 19, 2013 ___________
Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- recom- mitted to the Committee on Insurance in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to providing written notice of premium rate changes not less than sixty days prior to the effective date of such rate changes THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 4 of subsection (p) of section 3221 of the insur- ance law, as added by chapter 661 of the laws of 1997, is amended to read as follows: (4) At the time of coverage renewal, an insurer may modify the health insurance coverage for a group or blanket policy offered to a large or small group policyholder so long as such modification is consistent with this chapter and effective on a uniform basis among all small group policyholders with that policy form; PROVIDED, HOWEVER, THE INSURER SHALL PROVIDE WRITTEN NOTICE TO ALL POLICYHOLDERS TO WHICH THE MODIFIED POLICY SHALL BE OFFERED OF ANY CHANGE IN PREMIUM RATES NOT LESS THAN SIXTY, BUT NOT MORE THAN ONE HUNDRED TWENTY, DAYS PRIOR TO THE EFFECTIVE DATE OF SUCH RATES. S 2. This act shall take effect the first of January next succeeding the date on which it shall have become a law.

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