STATEMENT TO

SENATE, No. 2422

with Assembly Floor Amendments

(Proposed by Assemblyman WIMBERLY)

ADOPTED: JUNE 29, 2022

      This floor amendment removes from the bill provisions:

      (1)  setting a cap of $500,000 on health insurance benefits issued by the guaranty association in cases of insurer impairment or insolvency, thereby leaving in place the requirement under existing law that these benefits be unlimited;

      (2)  requiring, for the purposes of the “New Jersey Life and Health Insurance Guaranty Association Act,” benefits provided by a long-term care rider to a life insurance policy or annuity contract to be considered the same type of benefits as the base life insurance policy or annuity contract to which the rider relates; and

      (3)  requiring that dollar amounts allotted by the guaranty association pursuant to the bill increase or decrease based upon changes in the health care costs component of the consumer price index.