Provides that health insurance contracts and policies for long term care shall be renewable each year at the option of the insured unless there is nonpayment of premiums.
STATE OF NEW YORK
________________________________________________________________________
3625
2023-2024 Regular Sessions
IN ASSEMBLY
February 3, 2023
___________
Introduced by M. of A. COOK -- Multi-Sponsored by -- M. of A. COLTON,
GUNTHER -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to the renewal of health
insurance policies for long term care
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraphs 5 and 6 of subsection (b) of section 1117 of the
2 insurance law are renumbered paragraphs 6 and 7 and a new paragraph 5 is
3 added to read as follows:
4 (5) the plan's provisions, and any contracts or policies issued in
5 connection with a plan, provide that any contract or policy issued
6 shall, at the option of the insured, be renewable each year unless the
7 insured fails to pay the premiums due for such renewal, in which event
8 the insurer may cancel such contract or policy;
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07087-01-3
