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Bill > S3408

NJ S3408

Requires consultation with insurance producer or provision of cost benefit analysis prior to sale of automobile insurance policy.

summary

Introduced
02/04/2021
In Committee
02/04/2021
Crossed Over
Passed
Dead
01/11/2022

Introduced Session

2020-2021 Regular Session

Bill Summary

This bill prohibits an automobile insurer from issuing a policy of motor vehicle liability insurance to an individual unless the individual consults with an insurance producer about the policy prior to purchase. In addition, the bill permits an insurer to sell a policy of insurance through an internet website to an individual who has not consulted with an insurance producer if the insurer provides the individual with a cost benefit analysis prior to selling the policy of insurance.

AI Summary

This bill prohibits automobile insurers from issuing a motor vehicle liability insurance policy to an individual unless the individual consults with an insurance producer (a licensed insurance agent) prior to purchase. However, the bill allows insurers to sell a policy through an internet website to an individual who has not consulted with a producer, if the insurer provides the individual with a cost-benefit analysis of the policy before selling it. The Department of Banking and Insurance is required to adopt rules to determine what constitutes a consultation and a cost-benefit analysis, and to implement the provisions of the bill.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Introduced in the Senate, Referred to Senate Commerce Committee (on 02/04/2021)
(1 Companion Bills)

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