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.
The report also could cover “the actuarial assumptions and methodologies used by such department to ensure benefits are reasonable to premiums charged,” and “the impact of premium rates on the solvency of the plans offering this product.”
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