The Business Council of New York State would like to express its strong support for the aforementioned legislation. This legislation would amend the Insurance Law to repeal provisions requiring group accident and health policies for long term care coverage to be issued to a specifically identified individual.
This proposal would allow the State Insurance Department more flexibility in the approval process related to group long term care policies. In 1989, when the Legislature created life care communities it authorized the Insurance Department to approve all long term care policies individually. Changes in this marketplace over the past decade have necessitated the need for a change to this practice. By eliminating the need for single case approvals, the process by which an insurance carrier can provide such coverage should be shorter. Thus, the change will assist in getting our seniors the coverage they need in a more timely fashion.
For the above stated reasons The Business Council strongly supports S.1574 and asks that it be acted upon favorably.