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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4404
Title of bill
An act to amend the insurance law, in relation to notices for increased premiums for health insurance
Purpose
To provide a minimum of 90 days notice by the health insurance carrier prior to the date of when a health insurance premium rate increase will take effect.
Summary of provisions
Amends Section 1 of the insurance law by adding a new section 3240 to stipulate that insurers shall provide a minimum of 90 days notice prior to the effective date of the rate increase.
Justification
Health insurance premiums have been rising at a steady pace for many reasons. As the cost of health care delivery increases, so do the health care premiums charged by health insurance companies. The increased cost of health care services is known for months, if not years ahead by professionals in the health insurance industry. Very often, rates are increased with very short notice, sometimes as little as 30 days. Requiring health insurance carriers to provide 90 days notice is a reasonable time frame which will give the client time to research other carriers in an effort to secure more affordable insurance. This provision will particularly benefit consumers with the establishment of health care exchanges coming on line as a result of the federal Affordable Health Care Act, which will offer more health insurance options to New York State consumers.
Legislative history
New Bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.