Bill > A5444

This bill modifies existing New Jersey insurance regulations by requiring that long-term care insurance rate filings for group policies receive prior approval from the Commissioner of Banking and Insurance (DOBI), which was previously only required for individual long-term care insurance policies. Specifically, the bill amends an existing law to mandate that insurers providing long-term care insurance on a group basis must submit their rates, rating schedules, and supporting documentation to the commissioner for review and approval. The bill ensures that these rate filings demonstrate that the insurance benefits are reasonable in relation to the premium charged and that the rates are not excessive, inadequate, or unfairly discriminatory. By expanding the prior approval requirement to group policies, the bill aims to provide additional regulatory oversight and consumer protection in the long-term care insurance market. The legislation will take effect immediately upon enactment.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A5444