Commissioner Justin Zimmerman shares the following statement as he prepares to conclude his service at the Department of Banking and Insurance:
As the Murphy Administration draws to an end, I want to express my sincere gratitude for the extraordinary people of the Department of Banking and Insurance who carried out our mission in service of a Stronger and Fairer New Jersey.
I am deeply grateful to Governor Phil Murphy for his confidence, leadership, and for the opportunity to serve in this role.
It has been an absolute honor to lead the Department and work alongside its dedicated public servants, who every day carry out responsibilities that directly impact the lives of New Jersey residents — from protecting consumers and expanding access to quality, affordable health coverage, to safeguarding the solvency, safety, and soundness of regulated entities through rigorous oversight and analysis.
Guided by Governor Murphy’s vision to build a Stronger and Fairer New Jersey, the Department placed consumers at the center of its mission and delivered meaningful results.
Over the last eight years, the Department advanced significant consumer protections affecting residents’ daily lives. These included capping out-of-pocket costs for insulin, asthma inhalers, and epinephrine auto-injectors; expanding oversight of pharmacy benefit managers; requiring comprehensive abortion coverage in state-regulated health plans; enforcing mental health parity; protecting consumers from surprise out-of-network medical bills; eliminating appeal fees for health insurance disputes; establishing new prior authorization standards; blocking over a billion dollars in auto insurance rate increases; initiating the first ever homeowner insurance zip code level data call; requiring insurance companies to publicly disclose their climate risk; and continuing to prohibit short-term limited duration health plans that do not meet Affordable Care Act protections.
The Department also expanded its regulatory scope to include, for the first time, the licensing and oversight of student loan servicers, mortgage servicers, and pharmacy benefit managers, strengthening accountability in sectors that directly affect financial security for New Jersey families. The establishment of the Student Loan Ombudsman provided additional support for borrowers navigating repayment challenges.
During the COVID-19 pandemic, the Department acted swiftly to provide relief and stability during a period of extraordinary uncertainty. Emergency protections included insurance premium grace periods, mortgage and loan forbearance options, foreclosure and eviction protections, and safeguards to ensure federal stimulus payments could not be garnished. These measures helped protect millions of residents and businesses during a critical period for the state.
A defining achievement of this Administration, and one that expanded the Department’s mission, was the creation of Get Covered New Jersey, the State’s Official Health Insurance Marketplace. Launched in 2020 at a time when health coverage was needed the most, the Department established the state-based marketplace during the COVID-19 pandemic. Since its creation, enrollment increased each year, more than doubling since launch, reaching a record of more than a half a million residents in 2025. Understanding that affordability would help drive access to coverage and enrollment, New Jersey became the first state in the nation to launch its marketplace with its own state subsidies, in addition to federal premium tax credits, investing more than $1 billion from plan years 2021 through 2026 to lower costs for consumers.
The Department also strengthened stability and choice in the individual market by expanding the Open Enrollment Period, increasing the number of participating carriers, investing in outreach and Navigator programs, and implementing the New Jersey Easy Enrollment Health Insurance Program. Together with the State’s reinsurance program — which reduces individual market rates by approximately 15 percent and was extended through 2028 — these efforts brought greater certainty and affordability to the market.
That is why I am proud to announce that as of earlier this year, the Department has expanded its mission statement to reflect our commitment to provide quality, affordable health coverage to New Jersey residents.
The Department also modernized licensing systems across insurance and real estate professions, expanded remote testing options, and strengthened regulatory operations. Both the Banking and Insurance Divisions achieved and maintained national accreditation from the Conference of State Bank Supervisors and the National Association of Insurance Commissioners, reflecting adherence to rigorous national standards and the professionalism of the Department’s work.
It has been a true privilege to serve in the Murphy Administration Cabinet. As the incoming Sherrill Administration takes office, I wish them every success in serving the people of our state. This is a moment of opportunity to address shared challenges and strengthen our communities. I know you will continue to serve with honor and distinction – and to place New Jersey residents at the heart of your work – in furtherance of the Department’s mission and on behalf of the people of our great State. Thank you all for your commitment and dedication.
It has been the honor of a lifetime to serve with you to improve the lives of the people of New Jersey.
Sincerely,
Justin Zimmerman
Commissioner |
