The bill establishes the New Jersey Pandemic Risk Reinsurance Program and the New Jersey Pandemic Risk Reinsurance Fund, aimed at providing financial support to eligible insurers offering business interruption insurance during declared public health emergencies. The program will only compensate insurers if the aggregate industry losses in New Jersey exceed $75 million due to a covered public health emergency, with a maximum payout of $500 million per year. Losses above a specified insurer deductible will be jointly covered by the program and participating insurers, with the payout methodology to be determined by the Commissioner of Banking and Insurance within 240 days of the act's effective date.

Additionally, the bill mandates that eligible insurers must offer a rider to their insurance policies that includes coverage for global virus transmission or pandemics for businesses with no more than 100 eligible employees. The New Jersey Pandemic Risk Reinsurance Fund will be financed through annual appropriations from the General Fund, federal assistance, and interest earned on the fund's deposits. The act will take effect immediately and apply to insurance policies issued or renewed 90 days after enactment.