This bill introduces several amendments to the regulation of health care service firms in New Jersey. Notably, it raises the compensation threshold that triggers an audit for these firms from $250,000 to $5,000,000, and mandates that audits be submitted by September 30th of the due year. 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 involvement, and regulatory actions taken against them.

Furthermore, the bill establishes a framework for corrective actions if the Division of Consumer Affairs finds a firm's financial viability in question based on the 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