Requires DOBI to provide compensation to members of self-funded multiple employer welfare arrangements under certain circumstances.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires the New Jersey Department of Banking and Insurance (DOBI) to provide compensation to members of self-funded multiple employer welfare arrangements (MEWAs) if the arrangement becomes unable to pay its obligations. Specifically, if a MEWA is undergoing rehabilitation, liquidation, or dissolution, the court may assess members for unpaid claims. The bill mandates that DOBI compensate members 60% of these assessments, provided the dissolution isn't due to mismanagement, and considers external factors like pandemics when making that determination. It also requires MEWAs to clearly disclose to members that they are not insurance companies and that funds are maintained as reserves to cover incurred losses.
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