This bill has been amended

Bill S5695-2013

Relates to extending the effectiveness of a health insurance demonstration program for early retirees

Relates to extending the effectiveness of a health insurance demonstration program for early retirees and to the approval process of eligible insurers.

Details

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  • Jun 5, 2013: REFERRED TO INSURANCE

Memo

BILL NUMBER:S5695

TITLE OF BILL: An act to amend chapter 362 of the laws of 2012, amending the insurance law relating to a health insurance demonstration program for early retirees, in relation to extending the effectiveness of the provisions of such chapter

PURPOSE: The purpose of the bill is to extend the Superintendent of Financial Services' authority to approve a demonstration program to provide group health insurance coverage for former employees of a major New York-based employer.

SUMMARY OF PROVISIONS: This bill would extend, from December 31, 2013 to December 31, 2014, the Superintendent of Financial Services' authority to approve a health insurance demonstration program under which an eligible insurance company would provide health insurance to former employees of a major New York-based employer.

JUSTIFICATION: Today, an increasing number of New Yorkers are losing employer-based health insurance coverage due to the economy. Some of these individuals were promised continued coverage by their employer after retirement. These former employees lack access to employment-sponsored health insurance coverage, often cannot afford to purchase coverage in the private pay market, and are not eligible for Medicare.

Chapter 362 of the Laws of 2012 established a pilot program to meet the needs of this population, at a reasonable price, while still requiring the insurer to meet the solvency requirements, benefit mandates, and other obligations required by state statute and regulation. In addition, providing this program on a "pilot" basis affords the Department of Financial Services the ability to assess the Policy ramifications of this change and the impact on other groups and the community.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None noted.

EFFECTIVE DATE: Immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 5695 2013-2014 Regular Sessions IN SENATE June 5, 2013 ___________
Introduced by Sen. ROBACH -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend chapter 362 of the laws of 2012, amending the insurance law relating to a health insurance demonstration program for early retirees, in relation to extending the effectiveness of the provisions of such chapter THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2 of chapter 362 of the laws of 2012, amending the insurance law relating to a health insurance demonstration program for early retirees, is amended to read as follows: S 2. This act shall take effect immediately and shall expire December 31, [2013] 2014 when upon such date the provisions of this act shall be deemed repealed. S 2. This act shall take effect immediately.

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