Requires the department of financial services publish a report on long-term care insurance rates including historical rates and the dates and amounts of any rate changes.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A3801
SPONSOR: Weprin TITLE OF BILL:
An act to amend the insurance law, in relation to requiring the depart-
ment of financial services publish a report on long-term care insurance
rates
PURPOSE:
To amend the insurance law, requiring the Department of Financial
Services to publish a report on long-term care insurance rates.
SUMMARY OF PROVISIONS:
Section 1: Amends the insurance law by adding a new section 204 requir-
ing the department of financial services to publish a report on longterm
care insurance rates.
Section 2: Sets the effective date.
JUSTIFICATION:
This bill would require the Department of Financial Services to post
longterm care rate increases from the past 10 years on their website in
an easily accessible manner. As the population ages and long-term care
costs continue to rise, consumers' access to reliable and affordable LTC
insurance is critically important.
LEGISLATIVE HISTORY:
New Bill
FISCAL IMPLICATIONS:
None.
EFFECTIVE DATE:
On the ninetieth day after it shall become law.
STATE OF NEW YORK
________________________________________________________________________
3801
2025-2026 Regular Sessions
IN ASSEMBLY
January 30, 2025
___________
Introduced by M. of A. WEPRIN, JONES -- read once and referred to the
Committee on Insurance
AN ACT to amend the insurance law, in relation to requiring the depart-
ment of financial services publish a report on long-term care insur-
ance rates
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The insurance law is amended by adding a new section 204 to
2 read as follows:
3 § 204. Report on long-term care insurance plan or policy rates. The
4 superintendent shall publish a report on the department's website which
5 shall include, but not be limited to:
6 1. the long-term care insurance plan or policy rates by all insurers
7 subject to the provisions of this chapter;
8 2. the historical long-term care insurance plan or policy rates by all
9 insurers subject to the provisions of this chapter for the prior ten
10 years; and
11 3. the dates and amounts of any changes to such rates.
12 § 2. This act shall take effect on the ninetieth day after it shall
13 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07815-01-5
