16
EXPLANATION - Matter enclosed in bold-faced brackets
[
thus
]
in the above bill
is not enacted and is intended to be omitted in the law.
Matter underlined thus is new matter.
(C.17:29AA-1 et seq.), and has increased in excess of 25% of the rate
previously in effect, the commissioner shall issue an order specifying in
what respects the rate so fails and directing that the rate change is no
longer in effect, and shall order the insurer to refund with interest any
premiums collected pursuant to the non-compliant rate.
Pursuant to procedures and standards adopted by the commissioner,
insureds may petition the commissioner to investigate and, if
appropriate, to conduct a hearing into whether medical malpractice
liability insurance rates fail to comply with the standards of P.L.1982,
c.114 (C.17:29AA-1 et seq.).
(cf: P.L.1982, c.114, s.10)
24. (New section) Subject to standards adopted by the National
Association of Insurance Commissioners, the Commissioner of Banking
and Insurance shall, within 180 days of the effective date of P.L. , c.
(C. )(pending before the Legislature as this bill), review the current
capitalization and reserve requirements applicable to insurers authorized
or admitted to transact medical malpractice liability insurance in this
State, as those requirements are established by statute or regulation, or
both.
Based upon the findings of that review, the commissioner shall adopt
regulations, pursuant to the "Administrative Procedure Act," P.L.1968,
c.410 (C.52:14B-1 et seq.), to modify those requirements, as the
commissioner determines necessary, to ensure the solvency of those
insurers and the availability and affordability of medical malpractice
liability insurance in this State. If the commissioner determines that
legislation is necessary to effect any such modification, the
commissioner shall notify the Governor and the Legislature within the
180-day period provided in this section.
25. (New section) The provisions of P.L.1970, c.22 (C.17:27A-1 et
seq.), regulating insurance company holding systems, shall apply to
attorneys in fact and other persons engaged in reciprocal exchange or
interinsurance contracts for the provision of medical malpractice
insurance pursuant to Subtitle 3 of Title 17 of the Revised Statutes.
26. (New section) Every insurer authorized to transact medical
malpractice liability insurance in this State shall offer its insureds the
option to make premium payments in installments, as prescribed by the
Commissioner of Banking and Insurance by regulation.
27. Section 2 of P.L.1983, c.247 (C.17:30D-17) is amended to read
as follows:
2. a. Any insurer or insurance association authorized to issue
medical malpractice liability insurance in the State shall notify the
Medical Practitioner Review Panel established pursuant to section 8 of
P.L.1989, c.300 (C.45:9-19.8) in writing of any medical malpractice
claim settlement, judgment or arbitration award involving any
practitioner licensed by the State Board of Medical Examiners and
insured by the insurer or insurance association. Any practitioner
licensed by the board who is not covered by medical malpractice liability
insurance issued in this State, who has coverage through a self-insured
health care facility or health maintenance organization, or has medical
malpractice liability insurance which has been issued by an insurer or
insurance association from outside the State shall notify the review panel
