NJ A4439

Health insurance producers must disclose to purchasers the total annual revenue they receive from each recommended vendor, including any payments from third parties connected to the recommendation

Disclosure requirements must align with Section 202 of the federal Consolidated Appropriations Act, 2021, extending ERISA-style transparency rules to state-regulated health insurance plans

Health insurance vendors must certify at least annually the direct and indirect compensation paid to insurance producers and their employees, including producers working on behalf of public entities

Producers must notify purchasers in writing of any commission, service fee, brokerage, or other valuable consideration (direct or indirect) received from health insurance sales, including percentage-of-premium arrangements

The law takes effect immediately and applies to health insurance vendor contracts entered into on or after the enactment date