On September 12, 2016, the New Jersey Department of Banking and Insurance (NJDOBI) announced that Health Republic Insurance of New Jersey (HRINJ) has consented to be placed in rehabilitation due to its deteriorating financial condition. If approved by the court, the rehabilitation will enable the Department to preserve the assets of the carrier so that consumers continue to receive the care to which they are entitled and medical providers are paid.
Under this rehabilitation plan, current policies will remain in force through December 31, 2016, but HRINJ will not offer coverage for 2017. The Department and the carrier will advise individual consumers and small employers with HRINJ policies on how to secure new coverage for 2017.
For more information, visit the links included below:
- NJDOBI Press Release (9/12/16) – Department Files for Rehabilitation of HRINJ
- NJDOBI FAQs on HRINJ Rehabilitation
- Health Republic Insurance of New Jersey – Broker Site
If you have any questions contact your Total Benefit Solutions account manager at (215)355-2121.