The Travel Insurance Act establishes a comprehensive legal framework for the sale of travel insurance in New Jersey, specifically targeting policies sold to state residents. It clarifies that while existing insurance laws remain applicable, the provisions of this Act will take precedence in case of any conflicts. Key definitions are introduced, including "travel insurance," "travel assistance services," and "travel retailer." The Act outlines licensing requirements for limited lines travel insurance producers and travel retailers, emphasizing their responsibilities in informing consumers about coverage, claims processes, and cancellation policies. It also mandates that travel insurers pay a premium tax on travel insurance premiums and sets guidelines for travel protection plans that combine various services.

Additionally, the Act enhances consumer protection by requiring travel insurance policies with pre-existing condition exclusions to provide relevant information to consumers prior to purchase. It allows policyholders to cancel their travel protection plans for a full refund within specified timeframes based on the delivery method of fulfillment materials. The Act prohibits unfair trade practices, such as marketing blanket travel insurance as free and employing negative options in the purchasing process. It also requires individuals to be appropriately licensed to act as travel administrators for travel insurance in New Jersey and classifies travel insurance under an inland marine line of insurance, with certain coverages allowed under accident and health lines. The commissioner is empowered to adopt necessary rules and regulations for implementation, with the Act taking effect 90 days after enactment.