BILL NUMBER: S5723
SPONSOR: SKOUFIS
 
TITLE OF BILL:
An act to amend the insurance law, in relation to requiring the depart-
ment of financial services publish a report on long-term care insurance
rates
 
PURPOSE:
To amend the insurance law, requiring the Department of Financial
Services to publish a report on long-term care insurance rates.
 
SUMMARY OF PROVISIONS:
Section 1: Amends the insurance law by adding a new section 204 requir-
ing the Department of Financial Services to publish a report on long-
term care insurance rates.
Section 2: Sets Effective Date.
 
JUSTIFICATION:
This bill would require the Department of Financial Services to post
easily accessible long-term care rate increases from the past 10 years
on its website. As the population ages and long-term care costs continue
to rise, consumers' access to reliable and affordable LTC insurance is
critically important.
 
LEGISLATIVE HISTORY:
Senate
2023: N/A
2024: S8428, Referred to Insurance
Assembly
2023: N/A
2024: A9343, Referred to Insurance
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become a law.