Bill > S05203

This bill requires insurance companies that offer long-term care insurance policies to maintain detailed annual records tracking policy cancellations, with a specific focus on documenting policies that were cancelled either directly because of, or within 30 days following, a premium rate increase. The legislation amends section 1117 of the insurance law by adding a new subsection that mandates insurers prepare and preserve these records, which will help provide transparency about how premium increases might impact policy retention. Long-term care insurance typically covers services like nursing home care, assisted living, or in-home care for individuals who need assistance with daily living activities, and this bill aims to create a clearer record of how pricing changes affect consumers' ability to maintain such coverage. By requiring insurers to track and report these cancellations, the bill seeks to provide insight into the potential financial burden of premium increases on policyholders and potentially inform future regulatory discussions about long-term care insurance pricing.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5203