Bill > S2783

This bill establishes a comprehensive legal framework for travel insurance in New Jersey, creating clear guidelines for how travel insurance can be sold, marketed, and regulated within the state. The legislation defines key terms like "travel insurance," "travel protection plans," and "travel retailers," and outlines specific licensing requirements for producers and administrators of travel insurance. The bill requires that travel insurance producers provide clear disclosures about coverage, including pre-existing condition exclusions, and mandates that consumers have the ability to cancel a policy for a full refund within a specified timeframe after purchase. It also establishes how travel insurance will be classified for regulatory purposes (primarily under the inland marine insurance line), sets rules for how travel protection plans can be priced and marketed, and prohibits certain unfair practices like using negative opt-out options or marketing blanket travel insurance as free. The bill applies to travel insurance policies covering New Jersey residents, whether sold, solicited, or negotiated in the state, and provides the Commissioner of Banking and Insurance with the authority to adopt additional regulations to implement the law. Notably, the bill extends the implementation timeline from 90 to 180 days after enactment, giving insurers and travel retailers more time to adjust to the new requirements.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S2783