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.
STATE OF NEW YORK
________________________________________________________________________
1379
2017-2018 Regular Sessions
IN ASSEMBLY
January 12, 2017
___________
Introduced by M. of A. SIMANOWITZ -- read once and referred to the
Committee on Insurance
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.
LBD03489-01-7
