Senate Bill S5928

2019-2020 Legislative Session

Relates to requiring actuarial certification of certain rate determinations made by the superintendent of financial services

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance 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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2019-S5928 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§3231 & 4308, Ins L
Versions Introduced in Other Legislative Sessions:
2021-2022: S3575
2023-2024: S1464

2019-S5928 (ACTIVE) - Summary

Requires actuarial certification of certain rate determinations made by the superintendent, in accordance with practice standards established by the actuarial standards board.

2019-S5928 (ACTIVE) - Sponsor Memo

2019-S5928 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5928
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 16, 2019
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation  to  requiring  actuarial
   certification  of  certain rate determinations made by the superinten-
   dent of financial services

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 1 of subsection (d) and subparagraph (A) of para-
 graph  1  of  subsection (e) of section 3231 of the insurance law, para-
 graph 1 of subsection (d) as amended by section 1 of part A  of  chapter
 494  of  the  laws  of  2009,  and  subparagraph  (A)  of paragraph 1 of
 subsection (e) as amended by chapter 107 of the  laws  of  2010  and  as
 further  amended  by  section 104 of part A of chapter 62 of the laws of
 2011, are amended to read as follows:
   (1) Notwithstanding any other provision of this chapter to the contra-
 ry, no policy form subject to this section shall be issued or delivered,
 nor any insurance contract entered into, unless and  until  the  insurer
 has  filed with the superintendent a schedule of premiums, not to exceed
 twelve months in duration,  to  be  paid  under  the  policy  forms  and
 obtained  the  superintendent's approval thereof. The superintendent may
 refuse such approval if he or she finds that such  premiums  are  exces-
 sive,  inadequate,  or  unfairly  discriminatory. The superintendent may
 consider the financial condition of such insurer in approving or  disap-
 proving  any  premium. In determining whether to approve the schedule of
 premiums filed, the superintendent shall, subject to the  provisions  of
 section three thousand two hundred thirty-three of this article, consid-
 er  the  prior experience of the insurer's community pool and the insur-
 er's projections relating to claim costs, utilization and administrative
 expenses and shall not adjust the insurer's rates based upon  the  rates
 approved  for  other insurers.  ALL PREMIUM RATE DETERMINATIONS SHALL BE
 CERTIFIED BY AN ACTUARY DESIGNATED BY THE SUPERINTENDENT WHO  MEETS  THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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