Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance

N.Y. Law Affects Sole Proprietor Health Rates

Your article was successfully shared with the contacts you provided.

NU Online News Service, Sept. 23, 1:09 p.m. – New York Gov. George Pataki, a Republican, has signed S. 7360, creating a new law that could make lower-cost health insurance available to the state’s sole proprietors.

Pataki signed the bill at the Business Council of the State of New York’s 2002 annual meeting.

The bill, originally introduced in the state Assembly by Assemblyman Joseph D. Morelle, D-Irondequoit, N.Y., creates a new premium rate for sole proprietors that could be significantly lower than the individual rates they were previously paying.

“This new law will make affordable health insurance available to more than 250,000 people by giving sole proprietors access to the same coverage as other businesses,” Pataki says in a statement about S. 7360.

The new law based on the bill requires health insurers that offer group coverage through New York’s chambers of commerce and association groups to provide the same policies to sole proprietors at a rate within 20% of the insurers’ regular small group rates.

More information about the bill, including the full text, is available on the Web at


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.