New Jersey Applies For Reinsurance Program To Lower Premiums 15 Percent

New Jersey Governor Phil Murphy (D) on July 2 sent a waiver application to CMS detailing the state’s proposed funding mechanisms for a state reinsurance program, in the hopes of receiving approval prior to the 2019 rate filing deadline and beginning implementation on Jan. 1, 2019. The state says 2019 premiums would go up by 15 percent premium absent a reinsurance program, and is requesting $323.7 million in funding for the initiative. The reinsurance program , as proposed by state...