Bill Text: NJ S1446 | 2012-2013 | Regular Session | Introduced
Bill Title: Establishes moratorium on conversion of health service corporation to domestic stock insurer.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-02-06 - Introduced in the Senate, Referred to Senate Commerce Committee [S1446 Detail]
Download: New_Jersey-2012-S1446-Introduced.html
Sponsored by:
Senator LORETTA WEINBERG
District 37 (Bergen)
SYNOPSIS
Establishes moratorium on conversion of health service corporation to domestic stock insurer.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning health service corporations and supplementing P.L.2001, c.131 (C.17:48E-49 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of P.L.2001, c.131 (C.17:48E-49 et seq.) or any other law to the contrary, the Commissioner of Banking and Insurance shall not approve any plan of conversion of a health service corporation to a domestic stock insurer, including any plan pending on the effective date of this act, for a period of five years from the effective date of this act.
2. This act shall take effect immediately.
STATEMENT
This bill establishes a five-year moratorium on the conversion of a health service corporation to a domestic stock insurer. The bill provides that the Commissioner of Banking and Insurance shall be prohibited from approving any plan for the conversion of a health service corporation to a domestic stock insurer, including for an application pending on the effective date of this bill, for a period of five years from the bill's effective date. In light of the uncertainty surrounding the implementation of the federal Patient Protection and Affordable Care Act and its impact on healthcare in New Jersey, this bill is intended to prohibit any such conversion until the federal healthcare reforms are implemented.
