Bill > S4284

This bill modifies existing New Jersey insurance regulations by requiring that long-term care insurance rate filings for group-based policies now undergo the same prior approval process from the Commissioner of the Department of Banking and Insurance (DOBI) that currently exists for individual long-term care insurance policies. Specifically, the bill amends the existing law to mandate that insurers providing long-term care insurance issued on either an individual or group basis must submit their rates, rating schedules, and supporting documentation to the commissioner for review and approval. The filings must demonstrate that the proposed 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 greater 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/S4284