Establishes New Jersey Pandemic Risk Reinsurance Program.
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes the New Jersey Pandemic Risk Reinsurance Program to provide financial support to insurers facing significant business interruption claims resulting from declared public health emergencies, such as pandemics. The program will be funded through state appropriations and federal assistance. Insurers participating in the program must offer riders to their policies covering global virus transmission or pandemics. The program will only pay out if aggregate industry losses exceed $75 million, with a maximum annual payout of $500 million.
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Introduced
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours