New Jersey § 17B:27A-10.2 Purpose of act.

New Jersey Statutes

§ 17B:27A-10.2 — Purpose of act.

New Jersey § 17B:27A-10.2

Title 17BINSURANCE

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Bluebook

N.J. Stat. Ann. § 17B:27A-10.2 (2026).

Text

2.It is the intent of the Legislature to stabilize or reduce premiums in the individual health insurance market by providing reinsurance payments to health insurance carriers with respect to claims for eligible individuals. The Commissioner of Banking and Insurance, and the board of directors of the New Jersey Individual Health Coverage Program, are authorized to apply for, accept and receive federal funds to implement and sustain market stabilization programs. Preliminary planning, analysis, and implementation to effectuate the purposes of this act shall continue under the direction of the commissioner and the board. L.2018, c.24, s.2.

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2. It is the intent of the Legislature to stabilize or reduce premiums in the individual health insurance market by providing reinsurance payments to health insurance carriers with respect to claims for eligible individuals. The Commissioner of Banking and Insurance, and the board of directors of the New Jersey Individual Health Coverage Program, are authorized to apply for, accept and receive federal funds to implement and sustain market stabilization programs. Preliminary planning, analysis, and implementation to effectuate the purposes of this act shall continue under the direction of the commissioner and the board. L.2018, c.24, s.2.