Bill
Bill > S466
NJ S466
Repeals no-fault automobile insurance law and requires mandatory liability insurance law for motor vehicles.
summary
Introduced
01/11/2022
01/11/2022
In Committee
01/11/2022
01/11/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill repeals the compulsory no-fault automobile insurance law; changes the requirement for bodily injury and property damage liability insurance to at least $100,000 on account of injury to or death of one person and $200,000 on account of injury to or death of more than one person; and makes uninsured and underinsured motorist coverage compulsory, in the same amounts or limits as an insured's motor vehicle liability insurance coverage. With respect to uninsured and underinsured motor vehicle insurance, the bill requires claims disputes to be settled through binding arbitration. Additionally, the bill repeals the mandatory arbitration of certain automobile insurance claims in the courts, the take-all-comers law which requires insurers to insure all "good" drivers who apply, and the basic and special automobile insurance policies. Technical amendments to various statutory provisions to conform with these substantive reforms are accomplished by the bill, as well.
AI Summary
This bill repeals the compulsory no-fault automobile insurance law in New Jersey and requires mandatory liability insurance for motor vehicles. It increases the minimum liability insurance coverage to $100,000 per person and $200,000 per accident for bodily injury or death, and $5,000 for property damage. The bill also makes uninsured and underinsured motorist coverage compulsory, in the same amounts as the insured's liability insurance. Claims disputes for uninsured and underinsured motorist coverage must be settled through binding arbitration. Additionally, the bill repeals the mandatory arbitration of certain automobile insurance claims in the courts, the "take-all-comers" law requiring insurers to insure all "good" drivers, and the basic and special automobile insurance policies.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/11/2022)
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/S466 |
| BillText | https://pub.njleg.gov/Bills/2024/S0500/466_I1.HTM |
| BillText | https://www.njleg.state.nj.us/Bills/2022/S0500/466_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/S0500/466_I1.PDF |
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