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
01/11/2022
In Committee
06/20/2022
06/20/2022
Crossed Over
Passed
Dead
01/08/2024
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S480 |
| Analysis - Statement SCM 6/20/22 | https://pub.njleg.gov/Bills/2022/S0500/480_S1.PDF |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2022/S0500/480_T1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S0500/480_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S0500/480_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S0500/480_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S0500/480_I1.PDF |
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