Assembly Bill A10711

Vetoed By Governor
2015-2016 Legislative Session

Directs the department of financial services to study and report upon the provision of long term care insurance coverage in this state

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Archive: Last Bill Status Via S6802 - Vetoed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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2015-A10711 (ACTIVE) - Details

See Senate Version of this Bill:
S6802
Law Section:
Financial Services

2015-A10711 (ACTIVE) - Summary

Directs the department of financial services to study and report upon the provision of long term care insurance coverage in this state.

2015-A10711 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10711

                          I N  A S S E M B L Y

                              June 13, 2016
                               ___________

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Stirpe) --
  read once and referred 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:

  Section 1. The department of financial services shall examine,  evalu-
ate, and make recommendations concerning the provision of long term care
insurance coverage in this state, as authorized pursuant to section 1117
of  the  insurance law.   In conducting its study, such department shall
seek input from a representation of interested parties, such as  policy-
holders,  insurance  carriers, and caregivers.  Such study shall specif-
ically include, but not be limited to the following:
  (a) the present state of the long term  care  insurance  market,  with
respect  to the growing aging population and other demographic shifts as
well as market participation by insurance carriers;
  (b) the impact of long term care coverage to public benefits  such  as
Medicaid, care recipients and caregivers;
  (c)  identifiable trends in life expectancy, policy claim and utiliza-
tion rates, and policy lapse rates;
  (d) a review of the National Association  of  Insurance  Commissioners
(NAIC)  activities as well as studies and reports prepared by the Ameri-
can Academy of Actuaries and/or the Society of Actuaries regarding  long
term care insurance premium rates increases;
  (e)  the  actuarial assumptions and methodologies used by such depart-
ment to ensure benefits are reasonable to premiums charged when  approv-
ing  and adjusting premium for this product, at this product's inception
and presently;
  (f) the impact of premium rates on the solvency of the plans  offering
this product;
  (g)  the  impact  of premium increases, and options offered to policy-
holders, on the affordability of long term care insurance and the abili-
ty of policyholders to maintain meaningful benefits; and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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