Requires long term care insurance carriers to get approval from the superintendent of financial services before raising premiums.
This bill amends the insurance law to require long term care insurance carriers to submit a rate filing or application to the superintendent of financial services before implementing any premium adjustments. The superintendent must review the filing within 60 days, with an option to extend by 20 days if additional information is needed. If the superintendent does not render a decision within the allotted time, the filing is deemed approved.
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