A3127

New Jersey A3127 sets requirements for Medicare supplement policy premiums, including limiting increases to once per year and allowing advance.

New Jersey A3127 amends existing law to establish specific requirements for Medicare supplement policy premiums. Insurers must limit premium increases to once per calendar year and offer policyholders the option to pay the annual premium in advance. The bill also mandates that insurers file their rates, rating schedules, and supporting documentation with the commissioner annually, ensuring compliance with applicable loss ratio standards. The commissioner has the authority to extend the 30-day review period for submitted forms by up to an additional 30 days.