This bill amends the existing law regarding long-term care insurance in New Jersey by requiring that rate filings for insurance issued on a group basis also receive prior approval from the Commissioner of Banking and Insurance (DOBI). Previously, only individual rate filings 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 the benefits provided are reasonable in relation to the premiums charged and that the rates are not excessive, inadequate, or unfairly discriminatory.

The bill aims to enhance regulatory oversight of long-term care insurance by extending the approval process to group policies, thereby ensuring greater consumer protection and financial stability within the insurance market. The act is set to take effect immediately upon passage.

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