New York Assembly Bill A03801

New York 2025-2026 Regular Session

• Introduced: 1/30/25
• Refer: 1/30/25
• Refer: 1/7/26

Caption

Requires the department of financial services publish a report on long-term care insurance rates including historical rates and the dates and amounts of any rate changes.

Summary

Bill A03801 aims to amend the New York insurance law by requiring the Department of Financial Services to publish a comprehensive report on long-term care insurance rates. This report will include current rates, historical rates over the past decade, and details regarding any changes to these rates, including the dates and amounts of such changes. The intent of the bill is to enhance transparency in the long-term care insurance market, allowing consumers and stakeholders to make informed decisions based on available data.

Impact

If enacted, this bill would establish a new requirement for the Department of Financial Services, thereby impacting how long-term care insurance rates are reported and monitored in New York. It would create a standardized approach to disseminating information about insurance rates, potentially influencing market practices and consumer awareness. This could lead to increased scrutiny of rate changes and promote accountability among insurers.

Sentiment

The sentiment surrounding Bill A03801 appears to be generally supportive, as it addresses the need for transparency in the insurance market, which is a concern for many consumers and advocacy groups. However, there may be some apprehension from insurance companies regarding the administrative burden of compliance and the potential for increased regulation.

Contention

Notable points of contention may arise from insurance industry representatives who could argue that the requirement to publish detailed rate information may lead to competitive disadvantages or increased scrutiny that could affect their pricing strategies. Conversely, consumer advocacy groups are likely to support the bill, emphasizing the importance of transparency and consumer protection in the long-term care insurance sector.