Bill Text: NY S05927 | 2023-2024 | General Assembly | Introduced
Bill Title: Provides written notice of premium rate changes not less than sixty days prior to the effective date of such rate changes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced) 2024-01-03 - REFERRED TO INSURANCE [S05927 Detail]
Download: New_York-2023-S05927-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5927 2023-2024 Regular Sessions IN SENATE 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: 1 Section 1. Paragraph 4 of subsection (p) of section 3221 of the insur- 2 ance law, as added by chapter 661 of the laws of 1997, is amended to 3 read as follows: 4 (4) At the time of coverage renewal, an insurer may modify the health 5 insurance coverage for a group or blanket policy offered to a large or 6 small group policyholder so long as such modification is consistent with 7 this chapter and effective on a uniform basis among all small group 8 policyholders with that policy form; provided, however, the insurer 9 shall provide written notice to all policyholders to which the modified 10 policy shall be offered of any change in premium rates not less than 11 sixty, but not more than one hundred twenty, days prior to the effective 12 date of such rates. 13 § 2. This act shall take effect the first of January next succeeding 14 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
