New York state lawmakers are looking at a bill that couldrequire health insurers to add interest to late agent and brokercommission payments.

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S. 7300 would require carriers to send out health insurancecommission payments within 45 days after receiving the premiumpayments for the coverage.

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Unless a carrier had a good excuse for making the payment late,it would have to add interest.

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The interest rate could be a benchmark rate set by thestate tax commissioner.

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If the commissioner failed to set the rate, the default ratewould be 12 percent per year.

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Sen. James Seward, R-Oneonta, N.Y., a past president of theNational Conference of Insurance Legislators, introduced the billearlier this month. The bill is now in the state Senate InsuranceCommittee.

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Allison Bell

Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.