Bill
Bill > S01623
NY S01623
NY S01623Provides written notice of premium rate changes not less than sixty days prior to the effective date of such rate changes.
summary
Introduced
01/13/2025
01/13/2025
In Committee
01/07/2026
01/07/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the insurance law, in relation to providing written notice of premium rate changes not less than sixty days prior to the effective date of such rate changes
AI Summary
This bill amends the New York insurance law to require health insurance companies to provide written notice to policyholders about premium rate changes at least 60 days, but no more than 120 days, before those changes take effect. Specifically, the bill modifies an existing provision related to group health insurance policies for both large and small groups, mandating that insurers must notify all policyholders in writing about any upcoming premium rate modifications well in advance of the change. This provides consumers with advance warning and more time to prepare for potential increases in their insurance costs. The bill will go into effect on the first day of January following its passage into law, giving insurance companies time to adjust their notification procedures to comply with the new requirement.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
REFERRED TO INSURANCE (on 01/07/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S1623 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01623&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01623 |
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