STATE OF NEW YORK ________________________________________________________________________ 6802 IN SENATE February 24, 2016 ___________ Introduced by Sens. SEWARD, HANNON, FARLEY, FUNKE, LARKIN, MARCELLINO, SERRANO -- 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: 1 Section 1. The department of financial services shall examine, evalu- 2 ate, and make recommendations concerning the provision of long term care 3 insurance coverage in this state, as authorized pursuant to section 1117 4 of the insurance law. In conducting its study, such department shall 5 seek input from a representation of interested parties, such as policy- 6 holders, insurance carriers, and caregivers. Such study shall specif- 7 ically include, but not be limited to the following: 8 (a) the present state of the long term care insurance market, with 9 respect to the growing aging population and other demographic shifts as 10 well as market participation by insurance carriers; 11 (b) the impact of long term care coverage to public benefits such as 12 Medicaid, care recipients and caregivers; 13 (c) identifiable trends in life expectancy, policy claim and utiliza- 14 tion rates, and policy lapse rates; 15 (d) a review of the National Association of Insurance Commissioners 16 (NAIC) activities as well as studies and reports prepared by the Ameri- 17 can Academy of Actuaries and/or the Society of Actuaries regarding long 18 term care insurance premium rates increases; 19 (e) the actuarial assumptions and methodologies used by such depart- 20 ment to ensure benefits are reasonable to premiums charged when approv- 21 ing and adjusting premium for this product, at this product's inception 22 and presently; 23 (f) the impact of premium rates on the solvency of the plans offering 24 this product; EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13687-03-6