Bill > A07274

This bill requires insurance companies that offer long-term care insurance policies to keep detailed records of policy cancellations each year. Specifically, these insurers must maintain documentation that tracks not just the total number of policies cancelled, but also identifies which policies were cancelled either directly because of a premium increase or within 30 days following a premium increase. Long-term care insurance is a type of insurance that helps cover the costs of services like nursing home care, assisted living, or in-home care for individuals who need assistance with daily living activities. The bill aims to create more transparency around policy cancellations and provide insight into how premium increases might impact consumers' ability to maintain their long-term care coverage. By mandating these record-keeping requirements, the legislation seeks to give regulators and policymakers a clearer picture of how premium changes affect insurance policy retention in the long-term care insurance market.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A7274