NJ A6208

Allows health insurance carriers or in-network providers to initiate binding arbitration through the Department of Banking and Insurance when contract negotiations over pricing and reimbursement fail to reach resolution

Requires "final offer" arbitration where each party submits their last offer, and the arbitrator must select one of the two offers as the binding decision within 30 days

Mandates automatic arbitration if a dispute remains unresolved at least 60 days before the contract between a carrier and provider expires

Requires carriers to notify insured members 30 days before open enrollment if a provider will become out-of-network at the start of the next plan year due to an ongoing dispute

Ensures providers continue receiving unaltered reimbursement for services until the first day of the next plan year during contract disputes