New York Senate Bill S05723

New York 2025-2026 Regular Session

• Introduced: 2/28/25
• Refer: 2/28/25
• 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

S05723 would amend the New York Insurance Law to require the Superintendent of Financial Services to publish a public report on the department’s website about long-term care insurance rates. The report would have to list current long-term care insurance plan or policy rates for all insurers subject to the Insurance Law, provide historical rate information for the prior ten years, and identify the dates and amounts of any rate changes. The bill is primarily a transparency and consumer-information measure. It does not directly regulate premiums or rate-setting standards, but it would make long-term care insurance pricing and rate history easier for consumers, policymakers, and regulators to review. By requiring the Department of Financial Services to compile and publish this information, the bill could help expose patterns of rate increases and improve public oversight of a market that has often involved significant premium volatility.

Impact

If enacted, the bill would add a new section 204 to the New York Insurance Law and place a reporting obligation on the Department of Financial Services. Insurers offering long-term care insurance in New York would be affected indirectly because their current and historical rate data, along with rate-change details, would be collected and posted publicly. The bill would not itself change substantive rate approval rules, but it would increase transparency around long-term care insurance pricing and could support future oversight, consumer comparisons, or legislative action.

Sentiment

Based on the bill text and the absence of recorded committee debate or votes in the provided materials, the measure appears to be framed positively as a straightforward transparency initiative. Its purpose is informational rather than punitive, suggesting likely support from consumers, advocates for older adults, and policymakers interested in insurance oversight. No formal opposition is documented in the available record.

Contention

No specific points of contention are documented in the provided transcripts or voting history. Potential areas of concern, if raised, would likely involve the administrative burden on the Department of Financial Services and insurers, the scope of data to be published, and whether public reporting of historical rate changes could affect market behavior or consumer expectations. However, the available materials do not show any identified opponents or disputed provisions.