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NJ S4284
Bill
Status
3/24/2025
Primary Sponsor
John McKeon
Click for details
AI Summary
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Expands rate filing approval requirements for long-term care insurance to include group policies, which previously only applied to individual policies
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Insurers offering group long-term care insurance must now submit rates, rating schedules, and documentation to the Commissioner of Banking and Insurance for approval before implementation
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Rate filings must demonstrate compliance with state loss ratio standards and show that benefits are reasonable relative to premiums charged
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Rates cannot be excessive, inadequate, or unfairly discriminatory under the amended requirements
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Amends P.L.2003, c.207 (C.17B:27E-11) and takes effect immediately upon enactment
Legislative Description
Requires prior approval from Commissioner of DOBI for rate filings for long-term care insurance issued on group basis.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
3/24/2025