BILL NUMBER: S5203
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the insurance law, in relation to health insurance plans
for long term care
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill would require that insurance companies that issue contracts
providing long term care benefits maintain records of policies cancelled
during each year and that such records indicate which policies were
cancelled due to, or within thirty days after, an increase in policy
premiums.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1117 of the insurance law is amended by adding a new subsection
(h).
 
JUSTIFICATION:
This bill would provide the insurance department with vital information
on the reasons for long term care policy cancellations by the insurer
and allow for needed adjustments of its applicable regulations to remedy
any potential abuses that might be found being committed by the insurer.
 
PRIOR LEGISLATIVE HISTORY:
Previously Introduced;
2017/18 A.2044 2021-2022: S5531
2023-2024: S5589 Comrie/ A5997 Cook
 
FISCAL IMPLICATIONS:
Unknown.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S5203: 1117 insurance law