For the first time, life insurers would be required to give state regulators and consumers advance notice of when the companies intend to raise premiums on life insurance and annuity policies, under a new rule proposed by the New York Department of Financial Services.
A 45-day comment period about the proposal would begin once it is published in the official State Register on Nov. 30 and, if not altered by the department based on that feedback, the regulations would take effect in early 2017, according to the department.
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