Requires certain public contracts for insurance coverage and consulting services to be awarded through competitive contracting process.

This bill (S 2490) requires New Jersey public entities - including boards of education and local governments - to use competitive bidding for insurance products and insurance consulting services, ending their previous exemption from public procurement rules. It mandates that insurance consultants be paid directly by the public entity (not as a percentage of insurance costs or via commissions from insurers) and requires both consultants and insurers to disclose past commissions and certify compliance in proposals. Public entities must include specific disclosure requirements, cost analyses of joint insurance funds, and health insurance program options in their requests for proposals. The law aims to increase transparency and reduce costs by ensuring competitive, open processes for these significant public expenditures.