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 new language specifies that insurers must file their rates, rating schedules, and supporting documentation to demonstrate compliance with applicable loss ratio standards, ensuring that benefits are reasonable in relation to premiums and that rates are not excessive, inadequate, or unfairly discriminatory.

The bill aims to enhance oversight of long-term care insurance rates, thereby protecting consumers and ensuring fair pricing practices in the insurance market. It is set to take effect immediately upon enactment.

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