Prohibits the imposition of different premium rates for disability insurance based on gender.
Summary
Bill S00661 seeks to amend the insurance law in New York by prohibiting insurers from charging different premium rates for disability insurance based on the gender of the insured individuals. This legislation aims to ensure that all individuals, regardless of gender, are treated equally when it comes to the pricing of disability insurance policies. The bill is set to take effect on January 1 of the year following its enactment and will apply to all policies issued, renewed, modified, altered, or amended after that date.
Impact
If enacted, this bill will significantly impact the insurance industry in New York by standardizing premium rates for disability insurance across genders. It will eliminate gender-based pricing disparities, which have historically resulted in women often paying higher premiums than men for similar coverage. This change aligns with broader efforts to promote gender equality in financial services and could lead to increased accessibility of disability insurance for all individuals.
Sentiment
The sentiment surrounding Bill S00661 appears to be overwhelmingly positive, as indicated by the unanimous support in committee and floor votes. The bill received 11 votes in favor with no opposition during committee discussions, and it passed the Senate floor with 60 votes in favor and no dissent. This strong support suggests a consensus among lawmakers regarding the importance of equitable treatment in insurance pricing.
Contention
There have been no notable points of contention regarding Bill S00661, as it has garnered unanimous support from both the Senate Insurance Committee and the full Senate. The lack of opposition indicates that there are currently no significant disagreements among lawmakers or stakeholders regarding the provisions of the bill.
Directs the commissioner of social services shall establish a rate differential for child care providers who provide care to a child with a diagnosed developmental delay or disability, provided such rate differential is no less than 30% above the applicable market rate otherwise payable for such child care services, and further provided such rate differential is sufficient to provide appropriate care.
Prohibits insurer from increasing auto insurance premiums upon renewal for persons 60 years of age or over based solely on the ground of the insured's age.
Directs the commissioner of social services shall establish a rate differential for child care providers who provide care to a child with a diagnosed developmental delay or disability, provided such rate differential is no less than 30% above the applicable market rate otherwise payable for such child care services, and further provided such rate differential is sufficient to provide appropriate care.
Prohibits the use of genetic information for purposes of determining eligibility, setting premium rates, or imposing preexisting condition exclusions for life insurance, disability insurance, or long-term care insurance.