Bill Text: NY A09140 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to offering an insured the option of a contingent non-forfeiture agreement upon a twenty percent or greater aggregate increase over the original premium rate of long term care insurance.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-04-04 - print number 9140a [A09140 Detail]
Download: New_York-2015-A09140-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 9140--A IN ASSEMBLY January 29, 2016 ___________ Introduced by M. of A. SIMANOWITZ -- read once and referred to the Committee on Insurance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to providing for benefit reduction plans The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1117 of the insurance law is amended by adding a 2 new subsection (c-1) to read as follows: 3 (c-1) If a rate increase would result in a twenty percent or more 4 cumulative aggregate increase over the original issued premium rate, an 5 insurer shall, at the same time, offer an insured the option of a 6 contingent non-forfeiture agreement. An insured shall at such time be 7 notified of the specific structure of the contingent non-forfeiture 8 agreement. An insured shall be notified of the option contingent non- 9 forfeiture agreement, under the conditions provided for by this 10 subsection, prior to the execution of a policy or certificate. 11 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13233-02-6
