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June 22, 2016 at 11:05 AM
The New York State Department of Financial Services may soon begin coming up with recommendations for what, if anything, the state should do about private long-term care insurance.
The state Senate and the state Assembly have both approved S. 6802, a bill introduced by state Sen. James Seward, R-Cooperstown, that calls for the department to develop recommendations for long-term care insurance within 12 months after the provisions in the bill take effect.
The bill is on the desk of Gov. Andrew Cuomo, a Democrat.
Seward is a former president of the National Conference of Insurance Legislators.
New York regulators’ report on long-term care insurance could include an analysis of the current status of the state’s market for long-term care insurance, a look at the effect of private long-term care coverage on the state’s Medicaid program, and a review of what actuarial groups and regulators in other states are saying.
