New York S05236 mandates actuarial certification for certain rate determinations by the superintendent, following actuarial standards board practice.

New York S05236 amends the insurance law to require actuarial certification for certain rate determinations made by the superintendent of financial services. Insurers must submit rate filings or applications to the superintendent, who will review them within thirty to sixty days. The superintendent can modify or disapprove rates if they are deemed unreasonable, excessive, inadequate, or unfairly discriminatory. The superintendent may also consider the financial condition of the insurer.

New York S05236 mandates actuarial certification for certain rate determinations by the superintendent, following actuarial standards board practice.

New York S05236 amends the insurance law to require actuarial certification for certain rate determinations made by the superintendent of financial services. Insurers must submit rate filings or applications to the superintendent, who will review them within thirty to sixty days. The superintendent can modify or disapprove rates if they are deemed unreasonable, excessive, inadequate, or unfairly discriminatory. The superintendent may also consider the financial condition of the insurer.