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Broker News | Vol. 7, No. 11 | June 1, 2012
Broker News | Vol. 7, No. 11 | June 1, 2012

New York State Prior Approval of Rate Changes

We are planning to submit an application requesting rate changes for 2013 renewals to the New York State Department of Financial Services (NYS DFS) around the end of June, in accordance with New York State prior approval law. Initial notification letters will be mailed to the community-rated employer groups and direct pay members with rate renewal dates during the 2013 calendar year.    

You will receive a PDF with copies of the notices for groups on the iFacets system. In addition, you can pull up samples of the letters requesting changes for products renewing in each region/quarter that is being sent to all groups remaining on legacy systems.

For an overview of Prior Approval, the state requirements for initial notice and 60-day notice of rate changes, please visit the NYS DFS Prior Approval website.

 

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