A3284

New Jersey A3284 mandates a 90-day notice for cancellation or nonrenewal of stop loss insurance for small employer health benefits plans.

New Jersey A3284 requires insurers to provide at least 90 days' written notice to plan sponsors before canceling or not renewing stop loss insurance for small employer health benefits plans. The notice must be in a form determined by the Commissioner of Banking and Insurance. The policy must establish a per person attachment point or retention of at least $20,000 per covered person per plan year and an aggregate attachment point or retention of at least 125% of expected claims per plan year. The act applies to policies issued or renewed in the state 90 days after the enactment.