New York S01623 requires insurers to provide written notice of premium rate changes at least sixty days before they take effect.

New York S01623 amends the insurance law to mandate that insurers give written notice of premium rate changes at least sixty days before they become effective. This applies to health insurance coverage for group or blanket policies offered to large or small groups. The notice must be provided at the time of coverage renewal and must be consistent with the insurance law. The bill ensures policyholders have adequate time to review and understand any changes in their premiums.

New York S01623 requires insurers to provide written notice of premium rate changes at least sixty days before they take effect.

New York S01623 amends the insurance law to mandate that insurers give written notice of premium rate changes at least sixty days before they become effective. This applies to health insurance coverage for group or blanket policies offered to large or small groups. The notice must be provided at the time of coverage renewal and must be consistent with the insurance law. The bill ensures policyholders have adequate time to review and understand any changes in their premiums.