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Bill

S 5723

Requires the department of financial services publish a report on long-term care insurance rates

2025 Regular Session Introduced by James Skoufis

Requires NY DFS to publish a report on long-term care insurance rates, boosting pricing transparency and oversight for consumers and insurers.

REFERRED TO INSURANCE
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Bill Summary · S 5723

Summary of S 5723: Requires the Department of Financial Services Publish a Report on Long-Term Care Insurance Rates

Purpose

S 5723 would require the New York State Department of Financial Services (DFS) to publish a report examining long-term care insurance (LTCI) rates. The bill’s title and summary indicate a focus on transparency and oversight of LTCI pricing, though the specific contents and scope of the report are not provided in the information available.

Key Provisions

  • The primary provision is a mandate for the DFS to publish a report on long-term care insurance rates.
  • The text provided does not detail:
    • The report’s required contents (e.g., rate trends, drivers of premium changes, consumer impact, solvency factors for LTCI insurers).
    • Frequency or deadlines for publication.
    • Any mandated recommendations, actions, or follow-up by the DFS.
    • Methodology, data sources, or public availability requirements for the report.

Who Is Affected

  • Long-term care insurance policyholders and potential buyers in New York State, who would gain increased visibility into LTCI rate dynamics.
  • Insurance providers offering LTCI products in New York.
  • The Department of Financial Services, responsible for producing and releasing the report.
  • Stakeholders in the state interested in consumer protections, insurance affordability, and market transparency.

Procedural and Timeline Aspects

  • Introduced: February 28, 2025.
  • Status: Referred to the Senate Insurance Committee.
  • Legislative actions logged: two entries on 2025-02-28 indicating referral to Insurance (likely a duplicate entry in the record).
  • Sponsorship: James Skoufis (primary).
  • Related/Brelated bills:
    • S 8428 (prior-session) – related/similar in scope.
    • A 3801 (companion) – Assembly companion, listed twice in the related bills.

Legislative Context and Potential Impact

  • The bill signals an emphasis on surveillance of LTCI pricing and consumer protection through state-level reporting.
  • Potential outcomes if enacted could include:
    • Improved transparency around LTCI rate increases and determinants.
    • Data-driven oversight by the DFS that could inform policy discussions or regulatory actions.
    • Increased accountability for LTCI premium adjustments by insurers.
  • Without the bill text, the magnitude of impact (e.g., whether the report would lead to recommendations or regulatory changes) cannot be determined.

Next Steps for Readers

  • Monitor updates from the Senate Insurance Committee for any amendments or movement.
  • Compare with the companion Assembly bill A 3801 and S 8428 from prior sessions to gauge potential scope and intent.
  • If interested, review the full bill text upon official release to understand the detailed requirements, data expectations, and reporting timelines.

Compiled from official sources — confirm details with the bill’s official record.

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