New Jersey Updates Health Insurance Regulations with New Bulletins

The New Jersey Department of Banking and Insurance has issued two bulletins outlining key updates to the state’s health insurance regulations, reports JDSupra. Effective January 1, 2025, the changes include new licensing requirements for pharmacy benefit managers (PBMs), stricter guidelines on how insurers calculate anticipated loss ratios, and mandated response timeframes for prior authorization requests. These updates aim to enhance consumer protections and improve regulatory oversight of the state’s insurance market.