senate Bill S6802

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - Vetoed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Vetoed by Governor

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Nov 28, 2016 vetoed memo.281
Nov 16, 2016 delivered to governor
Jun 16, 2016 returned to senate
passed assembly
ordered to third reading rules cal.480
substituted for a10711
Jun 07, 2016 referred to insurance
delivered to assembly
passed senate
Jun 06, 2016 advanced to third reading
Jun 02, 2016 2nd report cal.
Jun 01, 2016 1st report cal.1286
Feb 24, 2016 referred to insurance

Co-Sponsors

view additional co-sponsors

S6802 - Details

See Assembly Version of this Bill:
A10711
Law Section:
Financial Services

S6802 - Summary

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

S6802 - Sponsor Memo

S6802 - Bill Text download pdf

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

                                  6802

                            I N  S E N A T E

                            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:

  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;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
S                                                          LBD13687-03-6

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