S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5827
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 26, 2021
                                ___________
 
 Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
   tee 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
 ESTABLISH A PROCESS TO POST ON SUCH DEPARTMENT'S WEBSITE,  IN  A  TIMELY
 MANNER,  ALL  RELEVANT  WRITTEN  COMMENTS  RECEIVED  PERTAINING  TO RATE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02656-01-1

 A. 5827                             2
 
 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,  UNFAIRLY DISCRIMINATORY OR OTHERWISE NOT IN THE BEST INTER-
 ESTS OF POLICY HOLDERS AND CERTIFICATE HOLDERS,  AND  MAY  CONSIDER  THE
 FINANCIAL  CONDITION  OF THE INSURER WHEN APPROVING, MODIFYING OR DISAP-
 PROVING ANY PREMIUM ADJUSTMENT. THE DETERMINATION OF THE  SUPERINTENDENT
 SHALL  BE  SUPPORTED  BY  SOUND ACTUARIAL ASSUMPTIONS AND METHODS, SHALL
 INCLUDE A STATEMENT REGARDING THE BEST INTERESTS OF POLICY  HOLDERS  AND
 CERTIFICATE  HOLDERS WITH RESPECT TO THE RATE FILING OR APPLICATION, 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 INSUR-
 ER  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 INFORMATION 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 APPLICATION OR RATE FILING WILL BE DEEMED  APPROVED  IF  A  DETERMI-
 NATION  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.