Establishes New Jersey Pandemic Risk Reinsurance Program.

S 3637 creates the New Jersey Pandemic Risk Reinsurance Program to help businesses recover from pandemic-related losses. It requires eligible insurers to offer a policy rider covering pandemic-related business interruption to small businesses (with 100 or fewer full-time employees) and establishes a state fund to cover losses exceeding $75 million in aggregate industry claims during a declared public health emergency. The program pays for losses above an insurer’s deductible (5% of their prior year premiums) up to a $500 million annual cap, using funds from the state budget (minimum $50 million annually). This directly affects commercial insurers, small businesses in New Jersey, and the state’s Department of Banking and Insurance, which administers the fund.