 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4442
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 14, 2023
                                       ___________
 
        Introduced  by M. of A. STECK -- read once and referred to the Committee
          on Insurance
 
        AN ACT to amend the insurance law, in relation to  increasing  long-term
          care policy rates
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subsection (g) of section 1117  of  the  insurance  law  is
     2  amended by adding a new paragraph 5 to read as follows:
     3    (5)  An  increase to a long-term care insurance plan or policy rate by
     4  an authorized insurer,  health  maintenance  organization  or  fraternal
     5  benefit  society  subject  to  the  provisions of this chapter shall not
     6  exceed thirty-three percent within a three year period.
     7    § 2. Section 3216 of the insurance law is  amended  by  adding  a  new
     8  subsection (n) to read as follows:
     9    (n)  An  increase to a long-term care insurance plan or policy rate by
    10  an insurer subject to the provisions of this article  shall  not  exceed
    11  thirty-three percent within a three year period.
    12    §  3.  Section  3221  of  the insurance law is amended by adding a new
    13  subsection (u) to read as follows:
    14    (u) An increase to a long-term care insurance plan or policy  rate  by
    15  an  insurer  subject  to the provisions of this article shall not exceed
    16  thirty-three percent within a three year period.
    17    § 4. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06662-01-3
Increase in long-term policy rates

What's Happening

Why It Matters
