What's happening
This bill requires the superintendent of financial services to prohibit retroactive insurance rate changes and set review timelines.
Why it matters
Protects consumers and businesses from unexpected insurance costs. by ensuring that rate changes cannot be applied retroactively, which can otherwise lead to surprise bills or budget uncertainty.
Creates more predictable and transparent insurance pricing. by requiring the Department of Financial Services to set clear timelines for reviewing rate requests, helping policyholders and insurers plan ahead.
Aims to improve regulatory efficiency. by mandating that the department receive sufficient resources to review rate requests promptly, potentially reducing backlogs and delays in rate approvals.
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Who cares
Headline styles
Stop Retroactive Insurance Charges
Plain English, a few words. Used as the page title.
Sponsors
4 Multi-sponsors
History
- Referred to insurance
- 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.
Ban Retroactive Insurance Charges
In Senate Committee · Insurance · Sponsor Timothy M. Kennedy
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1462
2017-2018 Regular Sessions
IN ASSEMBLY
January 12, 2017
Introduced by M. of A. CAHILL -- Multi-Sponsored by -- M. of A. COLTON, ENGLEBRIGHT, GUNTHER, HOOPER -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to the powers and duties of the superintendent of financial services
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The insurance law is amended by adding a new section 215 to read as follows:
§ 215. Superintendent to prohibit retroactive applications of a resulting rate change. The superintendent shall promulgate rules and regulations to prohibit retroactive applications of a resulting rate change. Such rules and regulations shall include, but not be limited to, establishing reasonable time periods in which the department shall review rate requests and providing the department with sufficient resources to accomplish such tasks.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00670-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.