New Jersey S538 requires compensation for members of self-funded multiple employer welfare arrangements under certain conditions.
New Jersey S538 amends existing law to require the Department of Banking and Insurance (DOBI) to compensate members of self-funded multiple employer welfare arrangements (MEWAs) under specific circumstances. If a MEWA undergoes rehabilitation, liquidation, conservation, or dissolution, and the court determines that this is not due to mismanagement, DOBI must compensate members 60% of the value of any court-imposed assessment to cover unpaid and projected claims. The court must consider external factors, such as epidemics or natural disasters, when making its determination.
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