NY State Assembly Bill 2017-A4944A

Archive: Last Bill Status - In Assembly Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 29, 2018	print number 4944a
Jan 29, 2018	amend and recommit to ways and means
Jan 03, 2018	referred to ways and means
Feb 06, 2017	referred to ways and means

Bill Amendments

Original

A (Active)

2017-A4944 - Details

See Senate Version of this Bill:: S2559
Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §§190, 210-B, 606 & 1511, Tax L; add §§3216-a & 4306-h, Ins L
Versions Introduced in 2015-2016 Legislative Session:: A10088, S6703

2017-A4944 - Summary

Relates to increasing the tax credit for the purchase of long-term care insurance; requires insurers to provide certain documentation to policyholders.

2017-A4944 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4944
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
   Committee on Ways and Means
 
 AN ACT to amend the tax law and the insurance law, in  relation  to  the
   tax credit for the purchase of long-term care insurance
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 190 of the tax law, as amended  by
 section  102  of part A of chapter 59 of the laws of 2014, is amended to
 read as follows:
   1. General. [A] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST,  TWO
 THOUSAND SEVENTEEN, A taxpayer shall be allowed a credit against the tax
 imposed  by  this  article  equal  to twenty percent of the premium paid
 during the taxable year for long-term care insurance,  AND  FOR  TAXABLE
 YEARS  BEGINNING  ON  AND AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, A
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE EQUAL TO TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE  YEAR
 FOR  LONG-TERM  CARE  INSURANCE  UNLESS  THE  PREMIUM FOR SUCH INSURANCE
 INCREASED DURING THE TAXABLE YEAR AND SUCH INCREASE WAS  APPROVED  AFTER
 APPLICATION  TO  AND  BY  THE DEPARTMENT OF FINANCIAL SERVICES, THEN THE
 AMOUNT OF CREDIT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT
 OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR SUCH INSURANCE. In order
 to qualify for such credit, the taxpayer's premium payment must  be  for
 the purchase of or for continuing coverage under a long-term care insur-
 ance policy that qualifies for such credit pursuant to section one thou-
 sand one hundred seventeen of the insurance law.
   §  2. Paragraph (a) of subdivision 14 of section 210-B of the tax law,
 as added by section 17 of part A of chapter 59 of the laws of  2014,  is
 amended to read as follows:
   (a) General. [A] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO
 THOUSAND SEVENTEEN, A taxpayer shall be allowed a credit against the tax
 imposed  by  this  article  equal  to twenty percent of the premium paid
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD06027-01-7

 A. 4944                             2
 
 during the taxable year for long-term care insurance,  AND  FOR  TAXABLE
 YEARS  BEGINNING  ON  AND AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, A
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE  EQUAL TO TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR
 FOR LONG-TERM CARE INSURANCE  UNLESS  THE  PREMIUM  FOR  SUCH  INSURANCE
 INCREASED  DURING  THE TAXABLE YEAR AND SUCH INCREASE WAS APPROVED AFTER
 APPLICATION TO AND BY THE DEPARTMENT OF  FINANCIAL  SERVICES,  THEN  THE
 AMOUNT OF CREDIT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT
 OF  THE  PREMIUM  PAID  DURING  THE TAXABLE YEAR FOR SUCH INSURANCE.  In
 order to qualify for such credit, the taxpayer's premium payment must be
 for the purchase of or for continuing coverage under  a  long-term  care
 insurance  policy that qualifies for such credit pursuant to section one
 thousand one hundred seventeen of the insurance law.
   § 3. Paragraph 1 of subsection (aa) of section 606 of the tax law,  as
 amended  by  section  1  of part P of chapter 61 of the laws of 2005, is
 amended to read as follows:
   (1) Residents. [A] FOR TAXABLE YEARS BEGINNING BEFORE  JANUARY  FIRST,
 TWO THOUSAND SEVENTEEN, A taxpayer shall be allowed a credit against the
 tax  imposed by this article equal to twenty percent of the premium paid
 during the taxable year for long-term care insurance,  AND  FOR  TAXABLE
 YEARS  BEGINNING  ON  AND AFTER JANUARY FIRST, TWO THOUSAND SEVENTEEN, A
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE IN AN AMOUNT EQUAL TO THE APPLICABLE PERCENTAGE OF THE PREMIUM  PAID
 FOR  SUCH  LONG-TERM  CARE INSURANCE. THE APPLICABLE PERCENTAGE SHALL BE
 BASED UPON THE TAXPAYER'S AGE WHEN HE OR  SHE  PURCHASED  THE  LONG-TERM
 CARE  INSURANCE  POLICY  FOR  WHICH  CREDIT  IS  CLAIMED AND SHALL BE AS
 FOLLOWS: (A) FOR POLICIES PURCHASED PRIOR TO THE AGE  OF  THIRTY,  FIFTY
 PERCENT,  (B)  FOR  POLICIES  PURCHASED AFTER THE AGE OF TWENTY-NINE BUT
 PRIOR TO THE AGE OF THIRTY-FIVE, FORTY-FIVE PERCENT,  (C)  FOR  POLICIES
 PURCHASED  AFTER  THE  AGE OF THIRTY-FOUR BUT PRIOR TO THE AGE OF FORTY,
 FORTY PERCENT, (D) FOR POLICIES PURCHASED AFTER THE AGE  OF  THIRTY-NINE
 BUT  PRIOR  TO THE AGE OF FORTY-FIVE, THIRTY-FIVE PERCENT, (E) FOR POLI-
 CIES PURCHASED AFTER THE AGE OF FORTY-FOUR  BUT  PRIOR  TO  THE  AGE  OF
 FIFTY,  THIRTY  PERCENT,  (F)  FOR  POLICIES  PURCHASED AFTER THE AGE OF
 FORTY-NINE BUT PRIOR TO THE AGE OF FIFTY-FIVE, TWENTY-FIVE PERCENT,  AND
 (G)  FOR POLICIES PURCHASED AFTER THE AGE OF FIFTY-FIVE, TWENTY PERCENT.
 In order to qualify for such credit, the taxpayer's premium payment must
 be for the purchase of or for continuing coverage under a long-term care
 insurance policy that qualifies for such credit pursuant to section  one
 thousand  one  hundred  seventeen of the insurance law. If the amount of
 the credit allowable under this subsection for any  taxable  year  shall
 exceed  the taxpayer's tax for such year, the excess may be carried over
 to the following year or years and may be deducted from  the  taxpayer's
 tax for such year or years.
   § 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
 amended  by  section  21 of part B of chapter 58 of the laws of 2004, is
 amended to read as follows:
   (1) [A] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND
 SEVENTEEN, A taxpayer shall be allowed a credit against the tax  imposed
 by  this  article equal to twenty percent of the premium paid during the
 taxable year for long-term care insurance, AND FOR TAXABLE YEARS  BEGIN-
 NING  ON  AND  AFTER  JANUARY  FIRST, TWO THOUSAND SEVENTEEN, A TAXPAYER
 SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE  EQUAL
 TO  TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR LONG-
 TERM CARE INSURANCE UNLESS THE  PREMIUM  FOR  SUCH  INSURANCE  INCREASED
 DURING THE TAXABLE YEAR AND SUCH INCREASE WAS APPROVED AFTER APPLICATION

 A. 4944                             3
 
 TO AND BY THE DEPARTMENT OF FINANCIAL SERVICES, THEN THE AMOUNT OF CRED-
 IT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT OF THE PREMI-
 UM  PAID DURING THE TAXABLE YEAR FOR SUCH INSURANCE. In order to qualify
 for such credit, the taxpayer's premium payment must be for the purchase
 of  or  for  continuing coverage under a long-term care insurance policy
 that qualifies for such credit pursuant  to  section  one  thousand  one
 hundred seventeen of the insurance law.
   §  5.  The  insurance law is amended by adding a new section 3216-a to
 read as follows:
   § 3216-A. DOCUMENTATION TO BE PROVIDED TO LONG-TERM CARE POLICY  HOLD-
 ERS.  (A)  ALL AUTHORIZED INSURERS ISSUING INSURANCE POLICIES SUBJECT TO
 THE PROVISIONS OF SECTION ONE THOUSAND ONE  HUNDRED  SEVENTEEN  OF  THIS
 CHAPTER  SHALL  ISSUE  TO  EACH  POLICY  HOLDER AN ANNUAL STATEMENT THAT
 INCLUDES THE FOLLOWING INFORMATION:
   (1) THE DATE SUCH POLICY TOOK EFFECT;
   (2) THE AGE OF THE INSURED ON THE DATE THAT SUCH POLICY TOOK EFFECT;
   (3) THE ORIGINAL PREMIUM AMOUNT FOR SUCH POLICY;
   (4) FOR EACH PREMIUM INCREASE, IF ANY, THE DATE  AND  AMOUNT  OF  SUCH
 INCREASE;
   (5) THE TOTAL AMOUNT OF PREMIUM PAID ON SUCH POLICY FOR THE IMMEDIATE-
 LY PRIOR CALENDAR YEAR; AND
   (6) THE TOTAL AMOUNT OF PREMIUM PAID SINCE THE INCEPTION OF SUCH POLI-
 CY.
   (B)  FOR PURPOSES OF THIS SECTION, THE TERM "POLICY HOLDER" SHALL MEAN
 ANY PERSON WHO WAS A POLICY HOLDER AT ANY TIME DURING THE YEAR FOR WHICH
 THE ANNUAL STATEMENT IS ISSUED.
   (C) THE ANNUAL STATEMENT PRESCRIBED BY THIS SECTION  MAY  BE  COMBINED
 WITH  ANY  OTHER  STATEMENTS REQUIRED TO BE GIVEN TO SUCH POLICY HOLDERS
 AND SHALL BE SENT TO SUCH POLICY HOLDERS  BY  THE  THIRTY-FIRST  DAY  OF
 JANUARY FOLLOWING THE YEAR FOR WHICH THE ANNUAL STATEMENT IS ISSUED.
   §  6.  The  insurance law is amended by adding a new section 4306-h to
 read as follows:
   § 4306-H. DOCUMENTATION TO BE PROVIDED TO LONG-TERM CARE POLICY  HOLD-
 ERS.  (A)  ALL  INSURERS  ISSUING POLICIES PURSUANT TO THE PROVISIONS OF
 SECTION FOUR THOUSAND THREE HUNDRED FOUR OF THIS ARTICLE AND SUBJECT  TO
 THE  PROVISIONS OF SECTION FOUR THOUSAND THREE HUNDRED SIX OF THIS ARTI-
 CLE THAT ARE FOR OR INCLUDE LONG-TERM CARE BENEFITS SHALL ISSUE TO  EACH
 POLICY  HOLDER  AN ANNUAL STATEMENT THAT INCLUDES THE FOLLOWING INFORMA-
 TION:
   (1) THE DATE SUCH POLICY TOOK EFFECT;
   (2) THE AGE OF THE INSURED ON THE DATE THAT SUCH POLICY TOOK EFFECT;
   (3) THE ORIGINAL PREMIUM AMOUNT FOR SUCH POLICY;
   (4) FOR EACH PREMIUM INCREASE, IF ANY, THE DATE  AND  AMOUNT  OF  SUCH
 INCREASE;
   (5) THE TOTAL AMOUNT OF PREMIUM PAID ON SUCH POLICY FOR THE IMMEDIATE-
 LY PRIOR CALENDAR YEAR; AND
   (6) THE TOTAL AMOUNT OF PREMIUM PAID SINCE THE INCEPTION OF SUCH POLI-
 CY.
   (B)  FOR PURPOSES OF THIS SECTION, THE TERM "POLICY HOLDER" SHALL MEAN
 ANY PERSON WHO WAS A POLICY HOLDER AT ANY TIME DURING THE YEAR FOR WHICH
 THE ANNUAL STATEMENT IS ISSUED.
   (C) THE ANNUAL STATEMENT PRESCRIBED BY THIS SECTION  MAY  BE  COMBINED
 WITH  ANY  OTHER  STATEMENTS REQUIRED TO BE GIVEN TO SUCH POLICY HOLDERS
 AND SHALL BE SENT TO SUCH POLICY HOLDERS  BY  THE  THIRTY-FIRST  DAY  OF
 JANUARY FOLLOWING THE YEAR FOR WHICH THE ANNUAL STATEMENT IS ISSUED.
   § 7. This act shall take effect immediately.

2017-A4944A (ACTIVE) - Details

See Senate Version of this Bill:: S2559
Current Committee:: Assembly Ways And Means
Law Section:: Tax Law
Laws Affected:: Amd §§190, 210-B, 606 & 1511, Tax L; add §§3216-a & 4306-h, Ins L
Versions Introduced in 2015-2016 Legislative Session:: A10088, S6703

2017-A4944A (ACTIVE) - Summary

Relates to increasing the tax credit for the purchase of long-term care insurance; requires insurers to provide certain documentation to policyholders.

2017-A4944A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4944--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
   Committee on Ways and Means -- recommitted to the  Committee  on  Ways
   and  Means  in  accordance  with  Assembly Rule 3, sec. 2 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee

 AN ACT to amend the tax law and the insurance law, in  relation  to  the
   tax credit for the purchase of long-term care insurance
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 190 of the tax law, as amended  by
 section  102  of part A of chapter 59 of the laws of 2014, is amended to
 read as follows:
   1. General. [A] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST,  TWO
 THOUSAND  EIGHTEEN, A taxpayer shall be allowed a credit against the tax
 imposed by this article equal to twenty  percent  of  the  premium  paid
 during  the  taxable  year for long-term care insurance, AND FOR TAXABLE
 YEARS BEGINNING ON AND AFTER JANUARY FIRST,  TWO  THOUSAND  EIGHTEEN,  A
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE  EQUAL TO TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR
 FOR LONG-TERM CARE INSURANCE  UNLESS  THE  PREMIUM  FOR  SUCH  INSURANCE
 INCREASED  DURING  THE TAXABLE YEAR AND SUCH INCREASE WAS APPROVED AFTER
 APPLICATION TO AND BY THE DEPARTMENT OF  FINANCIAL  SERVICES,  THEN  THE
 AMOUNT OF CREDIT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT
 OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR SUCH INSURANCE. In order
 to  qualify  for such credit, the taxpayer's premium payment must be for
 the purchase of or for continuing coverage under a long-term care insur-
 ance policy that qualifies for such credit pursuant to section one thou-
 sand one hundred seventeen of the insurance law.
   § 2. Paragraph (a) of subdivision 14 of section 210-B of the tax  law,
 as  added  by section 17 of part A of chapter 59 of the laws of 2014, is
 amended to read as follows:
   (a) General. [A] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO
 THOUSAND EIGHTEEN, A taxpayer shall be allowed a credit against the  tax
 imposed  by  this  article  equal  to twenty percent of the premium paid

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06027-03-8

 A. 4944--A                          2
 
 during the taxable year for long-term care insurance,  AND  FOR  TAXABLE
 YEARS  BEGINNING  ON  AND  AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN, A
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE  EQUAL TO TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR
 FOR LONG-TERM CARE INSURANCE  UNLESS  THE  PREMIUM  FOR  SUCH  INSURANCE
 INCREASED  DURING  THE TAXABLE YEAR AND SUCH INCREASE WAS APPROVED AFTER
 APPLICATION TO AND BY THE DEPARTMENT OF  FINANCIAL  SERVICES,  THEN  THE
 AMOUNT OF CREDIT ALLOWED FOR SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT
 OF  THE  PREMIUM  PAID  DURING  THE TAXABLE YEAR FOR SUCH INSURANCE.  In
 order to qualify for such credit, the taxpayer's premium payment must be
 for the purchase of or for continuing coverage under  a  long-term  care
 insurance  policy that qualifies for such credit pursuant to section one
 thousand one hundred seventeen of the insurance law.
   § 3. Paragraph 1 of subsection (aa) of section 606 of the tax law,  as
 amended  by  section  1  of part P of chapter 61 of the laws of 2005, is
 amended to read as follows:
   (1) Residents. [A] FOR TAXABLE YEARS BEGINNING BEFORE  JANUARY  FIRST,
 TWO  THOUSAND EIGHTEEN, A taxpayer shall be allowed a credit against the
 tax imposed by this article equal to twenty percent of the premium  paid
 during  the  taxable  year for long-term care insurance, AND FOR TAXABLE
 YEARS BEGINNING ON AND AFTER JANUARY FIRST,  TWO  THOUSAND  EIGHTEEN,  A
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE  IN AN AMOUNT EQUAL TO THE APPLICABLE PERCENTAGE OF THE PREMIUM PAID
 FOR SUCH LONG-TERM CARE INSURANCE. THE APPLICABLE  PERCENTAGE  SHALL  BE
 BASED  UPON  THE  TAXPAYER'S  AGE WHEN HE OR SHE PURCHASED THE LONG-TERM
 CARE INSURANCE POLICY FOR WHICH  CREDIT  IS  CLAIMED  AND  SHALL  BE  AS
 FOLLOWS:  (A)  FOR  POLICIES PURCHASED PRIOR TO THE AGE OF THIRTY, FIFTY
 PERCENT, (B) FOR POLICIES PURCHASED AFTER THE  AGE  OF  TWENTY-NINE  BUT
 PRIOR  TO  THE  AGE OF THIRTY-FIVE, FORTY-FIVE PERCENT, (C) FOR POLICIES
 PURCHASED AFTER THE AGE OF THIRTY-FOUR BUT PRIOR TO THE  AGE  OF  FORTY,
 FORTY  PERCENT,  (D) FOR POLICIES PURCHASED AFTER THE AGE OF THIRTY-NINE
 BUT PRIOR TO THE AGE OF FORTY-FIVE, THIRTY-FIVE PERCENT, (E)  FOR  POLI-
 CIES  PURCHASED  AFTER  THE  AGE  OF  FORTY-FOUR BUT PRIOR TO THE AGE OF
 FIFTY, THIRTY PERCENT, (F) FOR  POLICIES  PURCHASED  AFTER  THE  AGE  OF
 FORTY-NINE  BUT PRIOR TO THE AGE OF FIFTY-FIVE, TWENTY-FIVE PERCENT, AND
 (G) FOR POLICIES PURCHASED AFTER THE AGE OF FIFTY-FIVE, TWENTY  PERCENT.
 In order to qualify for such credit, the taxpayer's premium payment must
 be for the purchase of or for continuing coverage under a long-term care
 insurance  policy that qualifies for such credit pursuant to section one
 thousand one hundred seventeen of the insurance law. If  the  amount  of
 the  credit  allowable  under this subsection for any taxable year shall
 exceed the taxpayer's tax for such year, the excess may be carried  over
 to  the  following year or years and may be deducted from the taxpayer's
 tax for such year or years.
   § 4. Paragraph 1 of subdivision (m) of section 1511 of the tax law, as
 amended by section 21 of part B of chapter 58 of the laws  of  2004,  is
 amended to read as follows:
   (1) [A] FOR TAXABLE YEARS BEGINNING BEFORE JANUARY FIRST, TWO THOUSAND
 EIGHTEEN,  A  taxpayer shall be allowed a credit against the tax imposed
 by this article equal to twenty percent of the premium paid  during  the
 taxable  year for long-term care insurance, AND FOR TAXABLE YEARS BEGIN-
 NING ON AND AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN, A TAXPAYER SHALL
 BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY  THIS  ARTICLE  EQUAL  TO
 TWENTY PERCENT OF THE PREMIUM PAID DURING THE TAXABLE YEAR FOR LONG-TERM
 CARE  INSURANCE  UNLESS  THE PREMIUM FOR SUCH INSURANCE INCREASED DURING
 THE TAXABLE YEAR AND SUCH INCREASE WAS APPROVED AFTER APPLICATION TO AND

 A. 4944--A                          3
 
 BY THE DEPARTMENT OF FINANCIAL  SERVICES,  THEN  THE  AMOUNT  OF  CREDIT
 ALLOWED  FOR  SUCH INSURANCE SHALL BE TWENTY-FIVE PERCENT OF THE PREMIUM
 PAID DURING THE TAXABLE YEAR FOR SUCH INSURANCE. In order to qualify for
 such  credit, the taxpayer's premium payment must be for the purchase of
 or for continuing coverage under a long-term care insurance policy  that
 qualifies  for  such credit pursuant to section one thousand one hundred
 seventeen of the insurance law.
   § 5. The insurance law is amended by adding a new  section  3216-a  to
 read as follows:
   §  3216-A. DOCUMENTATION TO BE PROVIDED TO LONG-TERM CARE POLICY HOLD-
 ERS. (A) ALL AUTHORIZED INSURERS ISSUING INSURANCE POLICIES  SUBJECT  TO
 THE  PROVISIONS  OF  SECTION  ONE THOUSAND ONE HUNDRED SEVENTEEN OF THIS
 CHAPTER SHALL ISSUE TO EACH  POLICY  HOLDER  AN  ANNUAL  STATEMENT  THAT
 INCLUDES THE FOLLOWING INFORMATION:
   (1) THE DATE SUCH POLICY TOOK EFFECT;
   (2) THE AGE OF THE INSURED ON THE DATE THAT SUCH POLICY TOOK EFFECT;
   (3) THE ORIGINAL PREMIUM AMOUNT FOR SUCH POLICY;
   (4)  FOR  EACH  PREMIUM  INCREASE, IF ANY, THE DATE AND AMOUNT OF SUCH
 INCREASE;
   (5) THE TOTAL AMOUNT OF PREMIUM PAID ON SUCH POLICY FOR THE IMMEDIATE-
 LY PRIOR CALENDAR YEAR; AND
   (6) THE TOTAL AMOUNT OF PREMIUM PAID SINCE THE INCEPTION OF SUCH POLI-
 CY.
   (B) FOR PURPOSES OF THIS SECTION, THE TERM "POLICY HOLDER" SHALL  MEAN
 ANY PERSON WHO WAS A POLICY HOLDER AT ANY TIME DURING THE YEAR FOR WHICH
 THE ANNUAL STATEMENT IS ISSUED.
   (C)  THE  ANNUAL  STATEMENT PRESCRIBED BY THIS SECTION MAY BE COMBINED
 WITH ANY OTHER STATEMENTS REQUIRED TO BE GIVEN TO  SUCH  POLICY  HOLDERS
 AND  SHALL  BE  SENT  TO  SUCH POLICY HOLDERS BY THE THIRTY-FIRST DAY OF
 JANUARY FOLLOWING THE YEAR FOR WHICH THE ANNUAL STATEMENT IS ISSUED.
   § 6. The insurance law is amended by adding a new  section  4306-h  to
 read as follows:
   §  4306-H. DOCUMENTATION TO BE PROVIDED TO LONG-TERM CARE POLICY HOLD-
 ERS. (A) ALL INSURERS ISSUING POLICIES PURSUANT  TO  THE  PROVISIONS  OF
 SECTION  FOUR THOUSAND THREE HUNDRED FOUR OF THIS ARTICLE AND SUBJECT TO
 THE PROVISIONS OF SECTION FOUR THOUSAND THREE HUNDRED SIX OF THIS  ARTI-
 CLE  THAT ARE FOR OR INCLUDE LONG-TERM CARE BENEFITS SHALL ISSUE TO EACH
 POLICY HOLDER AN ANNUAL STATEMENT THAT INCLUDES THE  FOLLOWING  INFORMA-
 TION:
   (1) THE DATE SUCH POLICY TOOK EFFECT;
   (2) THE AGE OF THE INSURED ON THE DATE THAT SUCH POLICY TOOK EFFECT;
   (3) THE ORIGINAL PREMIUM AMOUNT FOR SUCH POLICY;
   (4)  FOR  EACH  PREMIUM  INCREASE, IF ANY, THE DATE AND AMOUNT OF SUCH
 INCREASE;
   (5) THE TOTAL AMOUNT OF PREMIUM PAID ON SUCH POLICY FOR THE IMMEDIATE-
 LY PRIOR CALENDAR YEAR; AND
   (6) THE TOTAL AMOUNT OF PREMIUM PAID SINCE THE INCEPTION OF SUCH POLI-
 CY.
   (B) FOR PURPOSES OF THIS SECTION, THE TERM "POLICY HOLDER" SHALL  MEAN
 ANY PERSON WHO WAS A POLICY HOLDER AT ANY TIME DURING THE YEAR FOR WHICH
 THE ANNUAL STATEMENT IS ISSUED.
   (C)  THE  ANNUAL  STATEMENT PRESCRIBED BY THIS SECTION MAY BE COMBINED
 WITH ANY OTHER STATEMENTS REQUIRED TO BE GIVEN TO  SUCH  POLICY  HOLDERS
 AND  SHALL  BE  SENT  TO  SUCH POLICY HOLDERS BY THE THIRTY-FIRST DAY OF
 JANUARY FOLLOWING THE YEAR FOR WHICH THE ANNUAL STATEMENT IS ISSUED.
   § 7. This act shall take effect immediately.

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Assembly Bill A4944A

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

2017-A4944 - Details

2017-A4944 - Summary

2017-A4944 - Bill Text download pdf

2017-A4944A (ACTIVE) - Details

2017-A4944A (ACTIVE) - Summary

2017-A4944A (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A4944A

Share this bill

Sponsored By

SCHIMMINGER

Archive: Last Bill Status - In Assembly Committee

Bill Amendments

2017-A4944 - Details

2017-A4944 - Summary

2017-A4944 - Bill Text download pdf

2017-A4944A (ACTIVE) - Details

2017-A4944A (ACTIVE) - Summary

2017-A4944A (ACTIVE) - Bill Text download pdf

Comments