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Life Health > Life Insurance

N.Y. Law Affects Sole Proprietor Rates

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New York regulators say carriers that market health insurance through chambers of commerce and other associations may have to adjust prices for sole proprietors.

New York has required insurers of small group association plans to also offer coverage for sole proprietors at rates within 20% of the rates for the association member firms.

A new law now requires carriers to narrow the pricing gap to 15%, according to Supplement Number 2 to Circular Letter Number 27.

Carriers must use the 15% limit on rate differences for any new policy, and they must apply the limit to all existing policies by July 25, 2007, officials say.

More information about the new pricing rule is on the Web at Document Link


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