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Watch Trenton Screw this up: NJ lawmakers seeking to control insurance costs
Health insurance carriers who serve individuals and small businesses in New Jersey may soon have to gain state approval before implementing rate increases.
These firms currently can set and increase rates just by filing the information with the state. But a measure planned by three state lawmakers would require that the firms gain approval for such actions from the state Department of Banking and Insurance.
It also would expand the jurisdiction of the state’s Division of Rate Counsel, which now has no say over health insurance rates, to create a watchdog for residents and small businesses. (The Associated Press)
