A03801 Summary:
BILL NO | A03801 |
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SAME AS | SAME AS S05723 |
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SPONSOR | Weprin |
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COSPNSR | Jones |
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MLTSPNSR | |
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Add §204, Ins L | |
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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. |
A03801 Memo:
Go to topNEW 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.
A03801 Text:
Go to top 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