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 calendar year in which 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 involvement, and significant transactions.

Furthermore, the bill establishes a framework for corrective actions if the Division of Consumer Affairs finds issues with a firm's financial viability based on the submitted reports. It also imposes a daily penalty of $500 for firms that operate without proper registration. The Division of Consumer Affairs is tasked with adopting necessary rules and regulations to implement these changes effectively. Overall, the bill aims to enhance oversight and accountability within the health care service industry.

Statutes affected:
Introduced: 34:8-45.1