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

Summary

A Senate Commerce Committee statement to the Senate on the Senate Committee Substitute for Senate No. 2824, State of New Jersey, dated January 26, 2023, reporting the substitute favorably. The substitute requires the Department of Banking and Insurance to study the impact on the New Jersey Individual Health Coverage Program and Small Employer Health Benefits Program of amending the Affordable Care Act waiver to merge the individual and small group markets and extend reinsurance to small businesses. The study would also cover creating a small employer health insurance subsidy and sustainable funding sources for it, including a possible assessment on other lines of insurance.

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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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