What's happening
This bill requires insurers offering long term care insurance to record and report policy cancellations, especially those following premium increases.
Why it matters
Enables greater oversight of long-term care insurance practices. by requiring insurers to track and report policy cancellations, which can help regulators detect troubling trends or abusive practices.
Shines a light on the impact of premium increases. , specifically identifying policies canceled shortly after a rate hike, which may indicate that premium increases are forcing vulnerable policyholders to drop coverage.
Could inform future consumer protection measures. by providing data that lawmakers and regulators can use to evaluate whether additional safeguards or rules are needed to protect seniors and others relying on long-term care insurance.
May increase accountability and transparency within the insurance industry. , potentially discouraging insurers from implementing sudden or excessive premium hikes that could lead to widespread cancellations.
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Who cares
Headline styles
Track Canceled Care Policies
Plain English, a few words. Used as the page title.
Sponsors
11 Co-sponsors
History
- Referred to insurance
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Track Cancelled LTC Policies
In Senate Committee · Insurance · Sponsor Leroy Comrie
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4545
2019-2020 Regular Sessions
IN ASSEMBLY
February 4, 2019
Introduced by M. of A. COOK, PEOPLES-STOKES, GUNTHER, ORTIZ, BLAKE, D'URSO -- Multi-Sponsored by -- M. of A. BUCHWALD, GOTTFRIED, HYNDMAN, MOSLEY -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to health insurance plans for long term care
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 1117 of the insurance law is amended by adding a new subsection (h) to read as follows:
(h) Any authorized insurer which issues contracts in connection with plans providing benefits for long term care pursuant to the provisions of this section shall prepare and maintain records which list the number of such policies cancelled during each year. Such records shall also indicate which policies were cancelled due to, or within thirty days after, an increase in policy premiums.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07984-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.