Establishes New Jersey Pandemic Risk Reinsurance Program for eligible insurers.
The bill establishes the New Jersey Pandemic Risk Reinsurance Program, which provides coverage for business interruption insurance claims exceeding $75 million statewide due to a covered public health emergency. Participating insurers must offer a rider for global virus transmission or pandemic to insureds with up to 100 employees. The program is funded by an annual appropriation of at least $50 million from the state's General Fund and $50 million from federal COVID-19 relief funds.
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