NY | The New York Department of Financial Services has issued Insurance Circular Letter No. 11.
The purpose of this circular letter is to provide guidance to insurers authorized to write accident and health insurance in New York State, Article 43 corporations, health maintenance organizations, and fraternal benefit societies (collectively, “issuers”) to facilitate compliance with Chapter 655 of the Laws of 2023 (“Chapter 655”), which the Governor signed into law on November 17, 2023 and which amended the Insurance Law to establish new requirements related to long term care insurance disclosure statements and to long term care insurance premium rate adjustment applications submitted to the New York State Department of Financial Services (“Department”). Chapter 655 takes effect January 1, 2024 and applies to a rate filing submitted on or after January 1, 2024