S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2055
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2017
                                ___________
 
 Introduced by M. of A. MAYER, BUCHWALD, GOTTFRIED, BICHOTTE, BRAUNSTEIN,
   SIMON,  McDONOUGH,  GALEF,  ZEBROWSKI, BARRETT, COOK, ABINANTI, STECK,
   RAIA -- Multi-Sponsored by -- M. of A. CROUCH, GIGLIO, THIELE --  read
   once and referred to the Committee on Insurance
 
 AN  ACT  to  amend the insurance law, in relation to requiring long term
   care insurance carriers who propose to raise long term care  insurance
   premiums  to  obtain prior approval of the superintendent of financial
   services
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 3 of subsection (f) of section 1117 of the insur-
 ance  law,  as  added  by chapter 245 of the laws of 1986, is amended to
 read as follows:
   (3) the premium rates for the  long  term  care  plan  are  reasonably
 related to the benefits provided, and are self-supporting, AS DETERMINED
 BY THE SUPERINTENDENT PURSUANT TO SUBSECTION (H) OF THIS SECTION; and
   §  2.    Section  1117 of the insurance law is amended by adding a new
 subsection (h) to read as follows:
   (H) AN INSURER DESIRING TO INCREASE OR DECREASE PREMIUMS FOR ANY POLI-
 CY SUBJECT TO THIS SECTION SHALL SUBMIT A RATE FILING OR APPLICATION  TO
 THE  SUPERINTENDENT.    AN  INSURER  SHALL  SEND  WRITTEN  NOTICE OF THE
 PROPOSED RATE ADJUSTMENT, INCLUDING THE SPECIFIC  CHANGE  REQUESTED,  TO
 EACH  POLICY HOLDER AND CERTIFICATE HOLDER AFFECTED BY THE ADJUSTMENT ON
 OR BEFORE THE DATE THE RATE FILING OR APPLICATION IS  SUBMITTED  TO  THE
 SUPERINTENDENT. THE NOTICE SHALL PROMINENTLY INCLUDE MAILING AND WEBSITE
 ADDRESSES  FOR BOTH THE DEPARTMENT OF FINANCIAL SERVICES AND THE INSURER
 THROUGH WHICH A PERSON MAY, WITHIN THIRTY DAYS FROM THE  DATE  THE  RATE
 FILING  OR  APPLICATION  IS SUBMITTED TO THE SUPERINTENDENT, CONTACT THE
 DEPARTMENT OF FINANCIAL SERVICES OR INSURER TO RECEIVE ADDITIONAL INFOR-
 MATION OR TO SUBMIT WRITTEN COMMENTS  TO  THE  DEPARTMENT  OF  FINANCIAL
 SERVICES  ON  THE  RATE  FILING OR APPLICATION. THE SUPERINTENDENT SHALL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02503-01-7

 A. 2055                             2
 
 ESTABLISH A PROCESS TO POST ON SUCH DEPARTMENT'S WEBSITE,  IN  A  TIMELY
 MANNER,  ALL  RELEVANT  WRITTEN  COMMENTS  RECEIVED  PERTAINING  TO RATE
 FILINGS OR APPLICATIONS. THE INSURER SHALL PROVIDE A COPY OF THE  NOTICE
 TO  THE  SUPERINTENDENT  WITH THE RATE FILING OR APPLICATION. THE SUPER-
 INTENDENT SHALL IMMEDIATELY CAUSE THE NOTICE TO BE POSTED ON THE DEPART-
 MENT OF FINANCIAL SERVICES' WEBSITE. THE SUPERINTENDENT SHALL  DETERMINE
 WHETHER THE FILING OR APPLICATION SHALL BECOME EFFECTIVE AS FILED, SHALL
 BECOME  EFFECTIVE  AS MODIFIED, OR SHALL BE DISAPPROVED. THE SUPERINTEN-
 DENT MAY MODIFY OR DISAPPROVE THE RATE  FILING  OR  APPLICATION  IF  THE
 SUPERINTENDENT  FINDS  THAT  THE  PREMIUMS  ARE UNREASONABLE, EXCESSIVE,
 INADEQUATE, OR UNFAIRLY DISCRIMINATORY, AND MAY CONSIDER  THE  FINANCIAL
 CONDITION  OF  THE INSURER WHEN APPROVING, MODIFYING OR DISAPPROVING ANY
 PREMIUM ADJUSTMENT. THE DETERMINATION OF  THE  SUPERINTENDENT  SHALL  BE
 SUPPORTED  BY  SOUND  ACTUARIAL  ASSUMPTIONS  AND  METHODS, AND SHALL BE
 RENDERED IN WRITING BETWEEN THIRTY AND SIXTY DAYS FROM THE DATE THE RATE
 FILING OR APPLICATION IS SUBMITTED TO  THE  SUPERINTENDENT.  SHOULD  THE
 SUPERINTENDENT  REQUIRE ADDITIONAL INFORMATION FROM THE INSURER IN ORDER
 TO MAKE A DETERMINATION, THE SUPERINTENDENT SHALL REQUIRE THE INSURER TO
 FURNISH SUCH INFORMATION, AND IN SUCH EVENT, THE  SIXTY  DAYS  SHALL  BE
 TOLLED  AND SHALL RESUME AS OF THE DATE THE INSURER FURNISHES THE INFOR-
 MATION TO THE SUPERINTENDENT. IF THE SUPERINTENDENT REQUESTS  ADDITIONAL
 INFORMATION  LESS  THAN  TEN  DAYS FROM THE EXPIRATION OF THE SIXTY DAYS
 (EXCLUSIVE OF TOLLING), THE SUPERINTENDENT  MAY  EXTEND  THE  SIXTY  DAY
 PERIOD  AN  ADDITIONAL TWENTY DAYS TO MAKE A DETERMINATION. THE APPLICA-
 TION OR RATE FILING WILL BE DEEMED APPROVED IF A  DETERMINATION  IS  NOT
 RENDERED  WITHIN  THE TIME ALLOTTED UNDER THIS SECTION. AN INSURER SHALL
 NOT IMPLEMENT A RATE ADJUSTMENT UNLESS THE  INSURER  PROVIDES  AT  LEAST
 SIXTY  DAYS  ADVANCE  WRITTEN  NOTICE  OF  THE  PREMIUM  RATE ADJUSTMENT
 APPROVED BY THE SUPERINTENDENT TO EACH  POLICY  HOLDER  AND  CERTIFICATE
 HOLDER AFFECTED BY THE RATE ADJUSTMENT.
   § 3. This act shall take effect immediately.