Bill Text: NY S00466 | 2009-2010 | General Assembly | Introduced

New York Senate Bill 466 (Prior Session Legislation)

Introduced

Bill Title: Exempts individual or group policies of medicare supplemental insurance from certain provisions regarding increase or decrease of premiums without a public hearing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INSURANCE [S00466 Detail]

Download: New_York-2009-S00466-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          466
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced  by  Sen.  KRUGER -- 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  individual  or  group
         policies of medicare supplemental insurance
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subparagraph (A)  of  paragraph  2  of  subsection  (e)  of
    2  section  3231  of the insurance law, as added by chapter 501 of the laws
    3  of 1992, is amended to read as follows:
    4    (A) Beginning October  first,  nineteen  hundred  ninety-four,  as  an
    5  alternate  procedure  to  the  requirements  of  paragraph  one  of this
    6  subsection, an insurer desiring to increase or decrease premiums for any
    7  policy form subject to this section, WITH THE EXCEPTION OF INDIVIDUAL OR
    8  GROUP POLICIES OF MEDICARE SUPPLEMENTAL INSURANCE, may instead submit  a
    9  rate filing or application to the superintendent and such application or
   10  filing shall be deemed approved, provided that (i) the anticipated mini-
   11  mum  loss  ratio  for  a policy form shall not be less than seventy-five
   12  percent of the premium, and (ii) the insurer submits, as  part  of  such
   13  filing, a certification by a member of the American Academy of Actuaries
   14  or other individual acceptable to the superintendent that the insurer is
   15  in  compliance  with  the  provisions of this paragraph, based upon that
   16  person's examination, including a review of the appropriate records  and
   17  of  the  actuarial assumptions and methods used by the insurer in estab-
   18  lishing premium rates for policy forms subject to this section.
   19    S 2. Paragraph 1 of subsection (g) of section 4308  of  the  insurance
   20  law,  as added by chapter 504 of the laws of 1995, is amended to read as
   21  follows:
   22    (1) Beginning January first, nineteen hundred ninety-six, as an alter-
   23  nate procedure to the requirements of subsection (c) of this section,  a
   24  corporation  subject  to  the  provisions    of this article desiring to
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03597-01-9
       S. 466                              2
    1  increase or decrease premiums for any contract subject to this  section,
    2  EXCEPT  FOR INDIVIDUAL OR GROUP POLICIES OF MEDICARE SUPPLEMENTAL INSUR-
    3  ANCE, may instead submit a rate filing or application to the superinten-
    4  dent  and  such application or filing shall be deemed approved, provided
    5  that (A) the anticipated incurred loss ratio for a contract  form  shall
    6  not  be  less  than  eighty-five  percent  for individual direct payment
    7  contracts or seventy-five percent for small group and small group remit-
    8  tance contracts, nor, except in the case of  individual  direct  payment
    9  contracts  with  a  loss  ratio of greater than one hundred five percent
   10  during nineteen hundred ninety-four, shall the loss ratio for any direct
   11  payment, group or group remittance contract be  more  than  one  hundred
   12  five  percent of the anticipated earned premium, and (B) the corporation
   13  submits, as part of such filing, a certification  by  a  member  of  the
   14  American  Academy  of  Actuaries  or  other individual acceptable to the
   15  superintendent  that  that  corporation  is  in  compliance   with   the
   16  provisions  of  this  subsection,  based upon that person's examination,
   17  including a review of the  appropriate  records  and  of  the  actuarial
   18  assumptions  and methods used by the corporation in establishing premium
   19  rates for contracts subject to this  section.    For  purposes  of  this
   20  section,  a  small  group  is any group whose contract is subject to the
   21  requirements of section forty-three hundred seventeen of this article.
   22    S 3. This act shall take effect on the first of April next  succeeding
   23  the date on which it shall have become a law.