New Jersey S3570 mandates health insurance carriers to offer electronic fund transfers for reimbursing covered persons.

New Jersey S3570 requires health insurance carriers to allow reimbursements to covered persons through electronic fund transfers. Carriers must notify covered persons if fees apply and provide instructions for selecting electronic fund transfers on their websites. Violations may be enforced by the Department of Banking and Insurance, which can impose civil penalties and order reimbursement of fees. The act applies to health benefits plans initiated or renewed after its effective date.

New Jersey S3570 mandates health insurance carriers to offer electronic fund transfers for reimbursing covered persons.

New Jersey S3570 requires health insurance carriers to allow reimbursements to covered persons through electronic fund transfers. Carriers must notify covered persons if fees apply and provide instructions for selecting electronic fund transfers on their websites. Violations may be enforced by the Department of Banking and Insurance, which can impose civil penalties and order reimbursement of fees. The act applies to health benefits plans initiated or renewed after its effective date.