Requires insurers which issue contracts providing long term care benefits to maintain records of policies cancelled during each year and requires that such records indicate which policies were cancelled due to, or within thirty days after, an increase in policy premiums.
Summary
Bill A07274 amends the New York insurance law to require insurers that issue long-term care benefit contracts to maintain detailed records of policy cancellations. Specifically, insurers must document the number of policies cancelled each year and identify those cancellations that occur due to, or within thirty days following, an increase in policy premiums. This measure aims to enhance transparency in the long-term care insurance market and provide better oversight of policyholder behavior in relation to premium changes.
Impact
The bill's enactment will impact state insurance regulations by imposing new record-keeping requirements on insurers. This change is intended to provide regulators with better data on policy cancellations, particularly in relation to premium increases, which may help identify trends or issues within the long-term care insurance sector. It may also influence how insurers structure their premium increases and communicate with policyholders about potential changes.
Sentiment
The general sentiment surrounding Bill A07274 appears to be supportive among its sponsors and advocates who emphasize the need for greater transparency in the insurance industry. However, there may be concerns from insurance companies regarding the administrative burden of maintaining additional records and the potential implications for their business practices.
Contention
Notable points of contention may arise from insurance industry representatives who argue that the requirements could lead to increased operational costs and regulatory burdens. Conversely, advocates for consumer protection and policyholders may argue that the bill is essential for safeguarding consumers against unfair practices related to premium increases and policy cancellations.
Same As
Requires insurers which issue contracts providing long term care benefits to maintain records of policies cancelled during each year and requires that such records indicate which policies were cancelled due to, or within thirty days after, an increase in policy premiums.
Requires insurers which issue contracts providing long term care benefits to maintain records of policies cancelled during each year and requires that such records indicate which policies were cancelled due to, or within thirty days after, an increase in policy premiums.
Requires insurers and corporations that issue, sell, renew or offer a specialized dental benefits plan policy or contract to report annually on data related to such dental benefits plan policies.
Requires insurers and corporations that issue, sell, renew or offer a specialized dental benefits plan policy or contract to report annually on data related to such dental benefits plan policies.
Requires insurers offering renewal of certain Medicare supplemental insurance policies or providing notification of a change in premiums of such policies to notify policyholders of the availability of policies offered by such insurer with similar benefits at a comparable premium or the ability of such policyholder to purchase a different policy without the pre-existing condition waiting period; applies to policies for which such insurers no longer accept new contracts but continue to renew for existing policyholders.
Relates to contractual liability insurance policies; provides that each provider may maintain a maximum of five service contract reimbursement insurance policies insuring its service contracts actively offered.
Relates to contractual liability insurance policies; provides that each provider may maintain a maximum of five service contract reimbursement insurance policies insuring its service contracts actively offered.
Relates to gender indication on insurance claim forms; provides policies shall not exclude coverage if gender indication is different from sex assigned at birth or gender otherwise recorded.