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NJ S1157
Bill
Status
1/9/2024
Primary Sponsor
Raj Mukherji
Click for details
AI Summary
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Insurers providing stop loss or excess risk insurance must give plan sponsors at least 90 days' written notice before canceling or not renewing a policy
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The notice must be in a form determined by the Commissioner of Banking and Insurance
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Stop loss insurance reimburses self-funded small employer health plans for catastrophic or unexpected expenses, with minimum per-person attachment points of $20,000 and aggregate attachment points of at least 125% of expected claims
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The requirements apply to stop loss or excess risk insurance policies issued or renewed 90 days or more after enactment
Legislative Description
Requires 90 days' notice of cancellation or nonrenewal of stop loss insurance for small employer health benefits plans.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/9/2024