New Jersey S2354 mandates prior approval from the Commissioner of Banking and Insurance for rate filings of long-term care insurance issued on a.

New Jersey S2354 amends existing law to require that rate filings for long-term care insurance, when issued on a group basis, must receive prior approval from the Commissioner of Banking and Insurance. Currently, only rate filings for long-term care insurance issued on an individual basis require such approval. This change ensures that group-based long-term care insurance rates are also reviewed for compliance with state standards, ensuring they are reasonable, not excessive, inadequate, or unfairly discriminatory. The bill takes effect immediately upon enactment.

New Jersey S2354 mandates prior approval from the Commissioner of Banking and Insurance for rate filings of long-term care insurance issued on a.

New Jersey S2354 amends existing law to require that rate filings for long-term care insurance, when issued on a group basis, must receive prior approval from the Commissioner of Banking and Insurance. Currently, only rate filings for long-term care insurance issued on an individual basis require such approval. This change ensures that group-based long-term care insurance rates are also reviewed for compliance with state standards, ensuring they are reasonable, not excessive, inadequate, or unfairly discriminatory. The bill takes effect immediately upon enactment.