This bill introduces several amendments to the regulation of health care service firms in New Jersey. Key changes include raising the compensation threshold for triggering an audit from $250,000 to $5,000,000, and requiring that audits be submitted by September 30th of the year they are due. Additionally, the bill modifies the reporting requirements for firms generating less than $10 million in gross income, specifying the information that must be included in their reports, such as insurance coverages, litigation history, and details on independent contractors.

Furthermore, the bill establishes a framework for corrective actions if the Division of Consumer Affairs finds reason to doubt a firm's financial viability based on submitted reports. It also imposes a daily penalty of $500 for firms operating without proper registration. These changes aim to enhance oversight and accountability within the health care service industry, ensuring that firms comply with financial and operational standards.

Statutes affected:
Introduced: 34:8-45.1