•  Summary 
  •  
  •  Actions 
  •  
  •  Committee Votes 
  •  
  •  Floor Votes 
  •  
  •  Memo 
  •  
  •  Text 
  •  
  •  LFIN 
  •  
  •  Chamber Video/Transcript 

A03801 Summary:

BILL NOA03801
 
SAME ASSAME AS S05723
 
SPONSORWeprin
 
COSPNSRJones
 
MLTSPNSR
 
Add §204, Ins L
 
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.
Go to top

A03801 Memo:

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.
Go to top

A03801 Text:



 
                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
Go to top