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History
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides that written notice of premium rate changes be given not less than sixty days prior to the effective date of such rate changes
In Assembly Committee · Insurance · Sponsor Stephen Hawley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7316
Title of bill
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
Purpose
Provides that written notice of premium rate changes be given not less than sixty days prior to the effective date of such rate changes.
Summary of provisions
Section 1 amends section 3221 of the insurance law to require insurers to provide written notice to policy holders of any change in premium rates not less than 60 days prior to the effective date of such rates.
Section 2 is the effective date
Justification
Insurance premiums can be costly. In some instances, increases in premiums can affect financial decisions that families must make. Providing notice to policy holders of pending premium rate changes will provide consumers with important information. This information will enable consumers to better assess their financial situations and assist them in exploring options and alternatives. By requiring notice of premium changes, consumers will be better informed and better prepared to make decisions. This legislation will assist policyholders and individuals with financial planning matters. It will also help with advance planning for employers who offer group health plans for their employees.
Legislative history
New Bill.
Fiscal implications
To be determined.
Effective date
September 1, 2012
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.