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 the premiums charged and that the rates are not excessive, inadequate, or unfairly discriminatory.

The bill aims to enhance oversight of long-term care insurance rates, thereby protecting consumers by ensuring that group policies are held to the same standards as individual policies. This change is intended to promote fairness and transparency in the insurance market, ultimately benefiting policyholders by ensuring that they receive adequate coverage for the premiums they pay. The act is set to take effect immediately upon passage.

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