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

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Archive: Last Bill Status - 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-S6802 (ACTIVE) - Details

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

2015-S6802 (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-S6802 (ACTIVE) - Sponsor Memo

2015-S6802 (ACTIVE) - 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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