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S06802 Summary:

S06802 Actions:

S06802 Committee Votes:

S06802 Floor Votes:

S06802 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6802
 
                    IN SENATE
 
                                    February 24, 2016
                                       ___________
 
        Introduced  by  Sens. SEWARD, HANNON, FARLEY, FUNKE, LARKIN, MARCELLINO,
          SERINO -- read twice and ordered  printed,  and  when  printed  to  be
          committed to the Committee on Insurance
 
        AN  ACT  to  direct  the  department  of financial services to study and
          report upon the provision of long term care insurance coverage in this
          state

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1. The department of financial services shall examine, evalu-
     2  ate, and make recommendations concerning the provision of long term care
     3  insurance coverage in this state, as authorized pursuant to section 1117
     4  of the insurance law.  In conducting its study,  such  department  shall
     5  seek  input from a representation of interested parties, such as policy-
     6  holders, insurance carriers, and caregivers.  Such study  shall  specif-
     7  ically include, but not be limited to the following:
     8    (a)  the  present  state  of the long term care insurance market, with
     9  respect to the growing aging population and other demographic shifts  as
    10  well as market participation by insurance carriers;
    11    (b)  the  impact of long term care coverage to public benefits such as
    12  Medicaid, care recipients and caregivers;
    13    (c) identifiable trends in life expectancy, policy claim and  utiliza-
    14  tion rates, and policy lapse rates;
    15    (d)  a  review  of the National Association of Insurance Commissioners
    16  (NAIC) activities as well as studies and reports prepared by the  Ameri-
    17  can  Academy of Actuaries and/or the Society of Actuaries regarding long
    18  term care insurance premium rates increases;
    19    (e) the actuarial assumptions and methodologies used by  such  depart-
    20  ment  to ensure benefits are reasonable to premiums charged when approv-
    21  ing and adjusting premium for this product, at this product's  inception
    22  and presently;
    23    (f)  the impact of premium rates on the solvency of the plans offering
    24  this product;
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
        S                                                          LBD13687-03-6
        S. 6802                             2
 
     1    (g) the impact of premium increases, and options  offered  to  policy-
     2  holders, on the affordability of long term care insurance and the abili-
     3  ty of policyholders to maintain meaningful benefits; and
     4    (h)  solutions  to  making  this  public  benefit  more affordable and
     5  attractive to consumers.
     6    § 2. Within twelve months of the  effective  date  of  this  act,  the
     7  superintendent of financial services shall submit a report to the gover-
     8  nor,  the  temporary  president  of  the  senate, and the speaker of the
     9  assembly, of the department's  findings,  conclusions,  and  recommenda-
    10  tions.
    11    § 3. This act shall take effect immediately.