New York A07637 mandates actuarial certification for certain rate determinations by the superintendent, following actuarial standards board practice.

New York A07637 amends the insurance law to require actuarial certification for certain rate determinations made by the superintendent. These determinations must be certified by an actuary designated by the superintendent, who must meet qualification standards set by the American Academy of Actuaries and follow practice standards established by the Actuarial Standards Board. Insurers must provide sixty days' notice of rate adjustments to affected policyholders and subscribers. The superintendent can defer, reduce, or reject rate increases if deemed excessive or unwarranted.

New York A07637 mandates actuarial certification for certain rate determinations by the superintendent, following actuarial standards board practice.

New York A07637 amends the insurance law to require actuarial certification for certain rate determinations made by the superintendent. These determinations must be certified by an actuary designated by the superintendent, who must meet qualification standards set by the American Academy of Actuaries and follow practice standards established by the Actuarial Standards Board. Insurers must provide sixty days' notice of rate adjustments to affected policyholders and subscribers. The superintendent can defer, reduce, or reject rate increases if deemed excessive or unwarranted.