Requires actuarial certification of certain rate determinations made by the superintendent, in accordance with practice standards established by the actuarial standards board.
Summary
This bill amends the New York Insurance Law to require that certain insurance premium rate determinations made by the Superintendent of Financial Services be certified by an actuary designated by the superintendent. The actuary must meet qualification standards set by the American Academy of Actuaries and follow practice standards established by the Actuarial Standards Board. The bill applies to rate determinations under two insurance-law provisions: one governing certain health insurance policy forms and another governing certain nonprofit/corporation contract premiums and rating formulas.
The bill also reinforces existing rate-filing procedures. Insurers and corporations seeking premium increases or decreases must continue to submit filings to the superintendent and provide advance written notice to affected policyholders or contract holders. The superintendent must post notices and public comments on the department’s website, issue a written determination within specified timeframes, and support any approval, modification, or disapproval with sound actuarial assumptions and methods. If the superintendent does not act within the allotted time, the filing is deemed approved. The bill takes effect immediately.
Impact
The bill would add a formal actuarial certification requirement to certain rate-setting decisions under Insurance Law sections 3231 and 4308, increasing the procedural and professional documentation required for premium determinations. It does not change the substantive standards for disapproving rates—such as whether premiums are excessive, inadequate, unreasonable, or unfairly discriminatory—but it requires that the superintendent’s determinations be certified by a qualified actuary and grounded in actuarial standards. It also preserves and reiterates notice, comment, and timing requirements for rate filings, affecting insurers, nonprofit health corporations, policyholders, subscribers, and contract holders subject to these provisions.
Sentiment
Based on the bill text and available context, the measure appears to be a technical regulatory bill with a consumer-protection and transparency orientation. There is no recorded committee debate or vote history in the provided materials, so no formal opposition or support is documented here. The structure of the bill suggests an intent to strengthen the actuarial basis for rate decisions and improve public notice and comment opportunities, which would generally be viewed favorably by consumer advocates and regulators focused on rate oversight.
Contention
The main potential point of contention is the added procedural requirement that all covered rate determinations be certified by an actuary meeting specified professional standards, which could be seen by insurers or regulated corporations as increasing administrative burden or potentially constraining the superintendent’s flexibility. Another possible area of concern is the bill’s emphasis on public posting of comments and detailed notice requirements, which may raise confidentiality or operational issues for filers. No specific objections or supporters are identified in the available transcripts or votes.
Same As
Requires actuarial certification of certain rate determinations made by the superintendent, in accordance with practice standards established by the actuarial standards board.
Requires actuarial certification of certain rate determinations made by the superintendent, in accordance with practice standards established by the actuarial standards board.
Requires actuarial certification of certain rate determinations made by the superintendent, in accordance with practice standards established by the actuarial standards board.
Provides for the establishment of residential home safety and loss prevention courses certified by the superintendent of financial services; requires insurers to provide actuarially appropriate discounts on fire and homeowners insurance premiums to those homeowners who have completed a residential home safety and loss prevention course; directs the superintendent of financial services to promulgate such rules and regulations as are necessary to implement such program and specifies certain matters which must be included in such rules and regulations; requires the superintendent of financial services to issue a report thereon.