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Senate Commerce Committee Statement — Senate Committee Substitute for Senate No. 2824 (January 26, 2023)

Summary

Senate Commerce Committee Statement to Senate Committee Substitute for Senate, No. 2824, State of New Jersey, dated January 26, 2023. The committee reports the substitute favorably. It requires the Department of Banking and Insurance to conduct a study of the impact, on the New Jersey Individual Health Coverage Program and the New Jersey Small Employer Health Benefits Program, of pursuing an amendment to the waiver of applicable provisions of the Affordable Care Act to merge the individual and small group markets and extend reinsurance to small businesses. The study also covers creating a small employer health insurance subsidy and sustainable funding sources, including an assessment on other lines of insurance.

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“Senate Commerce Committee Statement — Senate Committee Substitute for Senate No. 2824 (January 26, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-01-26-scm-s2824-s1-78c469562a/, SHA-256 477f107d6e63f47b497b26525086544d4b51f897b999f95d2186fac8be934b7e.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

 SENATE COMMITTEE SUBSTITUTE FOR
                  SENATE, No. 2824

 STATE OF NEW JERSEY
                   DATED: JANUARY 26, 2023

    The Senate Commerce Committee reports favorably Senate
Committee Substitute for Senate No. 2824.
    This Senate Committee Substitute requires the Department of
Banking and Insurance (department) to conduct a study of:
    (1) the impact on the New Jersey Individual Health Coverage
Program and the New Jersey Small Employer Health Benefits Program
of pursuing an amendment to the waiver of applicable provisions of
the Affordable Care Act in order to merge the individual and small
group markets and extend reinsurance to small businesses purchasing
health insurance through the pooled market; and
    (2) the creation of a small employer health insurance subsidy and
sustainable funding sources for that subsidy, including consideration
of the size of an effective and meaningful subsidy, an analysis of
available sustainable funding sources, including an examination of the
establishment of an assessment on other lines of insurance, the size of
any such assessment, and how best to administer both the subsidy and
a potential assessment.

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