The New Jersey Department of Banking and Insurance (Department) will hold a Public Forum regarding New Jersey’s 1332 Innovation Waiver which was used to create the reinsurance program for the New Jersey individual market. 

Public Forum Date: December 20, 2024  2 PM

The Public Forum will be held in Room 220, at 20 West State Street, Trenton, NJ.

To request reasonable accommodations, please contact Michael Fahncke at Michael.Fahncke@dobi.nj.gov by December 19, 2024 in order to ensure your request is processed.

Members of the public may listen to the forum using the following dial-in information:

Dial-in: 1-888-363-4734
Access Code: 3545220#

Background

As provided in P.L. 2018, c.24, the New Jersey Health Insurance Premium Security Act, the Commissioner applied for and received approval for federal funds through a 1332 Innovation Waiver which supported the creation of a reinsurance program.  With the reinsurance program, carriers selling plans in the individual market request reimbursement for reinsurance-eligible claims and, as a result, were able to reduce individual health insurance rates.  As a result of the reinsurance program, 2023 individual health insurance premiums were 15 percent lower than they would have been without reinsurance. The first five years of operation for the reinsurance program were 2019, 2020, 2021, 2022 and 2023. This 2024 Forum is being held following completion of all requirements for the 2023 plan year.

The majority of the funding of reimbursement requests under the reinsurance program comes from federal funds made available through the 1332 Innovation Waiver. For plan year 2023, such federal funding was $375,257,388.  The balance of the necessary funding comes from revenue raised by the “New Jersey Health Insurance Market Preservation Act,” and the Health Insurance Affordability Fund.