S.2890

New Jersey S2890 mandates 90 days' notice for cancellation or nonrenewal of stop loss insurance for small employer health benefits plans.

New Jersey S2890 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. Stop loss insurance is designed to cover catastrophic or unexpected expenses for self-funded arrangements of small employers, with specific attachment points or retentions set by the policy. This act applies to policies issued or renewed in New Jersey after 90 days from its enactment.