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New Jersey passes law requiring health insurance coverage

New Jersey Gov. Phil Murphy signed a bill mandating residents in the state to obtain health insurance or face a fine, The Associated Press reported.

The New Jersey Health Insurance Market Preservation Act aims to restore the federal mandate provided under the Affordable Care Act, which was repealed by Congress.

The measure aims to keep the health insurance market in the state to "remain robust and affordable by ensuring individuals who can afford to purchase insurance participate in the market."

If the taxpayer does not carry coverage, the legislation imposes a state shared responsibility tax equal to a taxpayer’s federal penalty under the ACA.

New Jersey becomes the second state to pass an individual health insurance mandate following Massachusetts, according to the report.