This bill amends the regulation of long-term care insurance in New Jersey by requiring that rate filings for policies issued on a group basis receive prior approval from the Commissioner of Banking and Insurance (DOBI). Previously, only individual policies were subject to this requirement. The amendment ensures that all insurers providing long-term care insurance, whether on an individual or group basis, must file their rates, rating schedules, and supporting documentation for the commissioner's approval, demonstrating compliance with applicable loss ratio standards.

The new legal language inserted into the current law specifies that insurers must show that the benefits provided are reasonable in relation to the premiums charged and that the rates are not excessive, inadequate, or unfairly discriminatory. This change aims to enhance consumer protection and ensure that long-term care insurance remains fair and equitable for policyholders. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 17B:27E-11