Senate Bill S5927

2023-2024 Legislative Session

Provides that written notice of premium rate changes be given not less than sixty days prior to the effective date of such rate changes

download bill text pdf

Sponsored By

Current 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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2023-S5927 (ACTIVE) - Details

See Assembly Version of this Bill:
A2018
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3221, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A7186
2011-2012: A1247
2013-2014: A331
2015-2016: A3978
2017-2018: A1560
2019-2020: A2918
2021-2022: A5955

2023-S5927 (ACTIVE) - Summary

Provides written notice of premium rate changes not less than sixty days prior to the effective date of such rate changes.

2023-S5927 (ACTIVE) - Sponsor Memo

2023-S5927 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5927
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 22, 2023
                                ___________
 
 Introduced  by Sen. BORRELLO -- 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  providing  written
   notice  of  premium rate changes not less than sixty days prior to the
   effective date of such rate changes

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph 4 of subsection (p) of section 3221 of the insur-
 ance  law,  as  added  by chapter 661 of the laws of 1997, is amended to
 read as follows:
   (4) At the time of coverage renewal, an insurer may modify the  health
 insurance  coverage  for a group or blanket policy offered to a large or
 small group policyholder so long as such modification is consistent with
 this chapter and effective on a uniform  basis  among  all  small  group
 policyholders  with  that  policy  form;  PROVIDED, HOWEVER, THE INSURER
 SHALL PROVIDE WRITTEN NOTICE TO ALL POLICYHOLDERS TO WHICH THE  MODIFIED
 POLICY  SHALL  BE  OFFERED  OF ANY CHANGE IN PREMIUM RATES NOT LESS THAN
 SIXTY, BUT NOT MORE THAN ONE HUNDRED TWENTY, DAYS PRIOR TO THE EFFECTIVE
 DATE OF SUCH RATES.
   § 2. This act shall take effect the first of January  next  succeeding
 the date on which it shall have become a law.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05224-01-3

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