Bill

Bill > S480


NJ S480

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


summary

Introduced
01/11/2022
In Committee
06/20/2022
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 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 policy of motor vehicle liability insurance to an individual unless the individual consults with an insurance producer prior to purchase. However, the bill allows insurers 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 before selling the policy. The bill also requires the Department of Banking and Insurance to adopt rules and regulations 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 (2)

Last Action

Reported from Senate Committee, 2nd Reading (on 06/20/2022)

bill text


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