S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1812
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by  M. of A. DINOWITZ, OTIS, STERN -- 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
 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.
                                                            LBD01163-01-3
              

 A. 1812                             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.