Requires availability of electronic fund transfers by health insurance carriers to reimburse covered persons.

This bill requires New Jersey health insurance companies to offer electronic fund transfers (EFT) as a standard option for reimbursing covered persons (policyholders) for medical expenses. It mandates that insurers must notify policyholders about any fees for using EFT and provide clear instructions on their website for selecting this payment method. Insurers who fail to comply may face fines from the Department of Banking and Insurance and must reimburse policyholders for any fees they incurred due to non-compliance. The law applies to all standard health insurance plans (excluding Medicare, Medicaid, workers' compensation, and similar coverage) for claims submitted after the effective date.