New Jersey Department of Banking and Insurance News

Carrier to Exit New Jersey Health Exchange Marketplace

State officials say a health insurance carrier is leaving New Jersey’s health exchange marketplace created under the Affordable Care Act, or ACA. Officials with Health Republic of New Jersey say the insurance co-op has been under “considerable financial strain” due …

New Jersey Court Backs Approval of Horizon’s Tiered Health Plan

A New Jersey appeals court upheld a decision by New Jersey regulators to approve a new alliance formed by the state’s largest health insurer. The New Jersey Department of Banking and Insurance didn’t break the rules when it approved Horizon …

New Jersey Issues Bulletin on Web-Based Travel Insurance Sales

The New Jersey Department of Banking and Insurance issued a bulletin stating that the opt-out sales process used for selling travel insurance by some web-based travel services companies would be considered unfair methods of competition. The department issued Bulletin No. …

New Jersey Announces Approval of New Captive Insurer

The New Jersey Department of Banking and Insurance has approved a captive insurer formed by the Deborah Heart and Lung Center of Browns Mills, New Jersey. The Department’s Acting Commissioner Richard J. Badolato announced the approval on Jan. 6. The …

N.J. Insurance Underwriting Association to Implement Rate Increase

The New Jersey Insurance Underwriting Association (NJIUA), the state’s residual property insurance plan, said it has received approval from the Department of Banking and Insurance to implement an overall rate increase of 2.7 percent. The increase will go into effect …

N.J. Regulators Recovered $15.7M for Consumers in Fiscal Year 2015

The New Jersey Department of Banking and Insurance (DOBI) recovered more than $15.7 million for consumers in fiscal year 2015 which ended June 30, according to an announcement today by Acting Commissioner Richard J. Badolato. DOBI recovered $15.02 million from …

Outgoing N.J. Commissioner Kobylowski to Join AmeriHealth as Senior VP

The outgoing New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski will join AmeriHealth New Jersey as senior vice president of provider contracting and network operations effective July 13, according to AmeriHealth’s announcement last week.

N.J. Approves New Healthcare Industry Captive Authority for Benefit Plans

New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski announced the approval of a new line of authority for HCSG Insurance Corp., a captive insurer formed last year by Healthcare Services Group Inc. (HCSG) of Bensalem, Pennsylvania. Under the …

N.J. Commissioner Urges Seniors to Watch Out for Insurance Scams

New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski advised senior citizens at a recent financial literacy meeting to be wary of insurance and other financial scammers. Kobylowski met with seniors at Our Lady of Victory Church in Sayreville, …

Nationwide Eyes Growth in New Jersey Auto Insurance Market

Nationwide Mutual Insurance Company has begun selling its Nationwide-branded auto insurance in New Jersey this month for the first time since 1981. “So we’ve been writing business now for about two weeks and so far, so good. It’s obviously very …