Bill > S3087

This bill, the "Travel Insurance Act," creates a comprehensive legal framework for the sale of travel insurance in the state of New Jersey. Key provisions include: - Defining various terms related to travel insurance, such as "travel insurance," "travel protection plans," "travel administrators," and "travel retailers." - Establishing licensing requirements for "limited lines travel insurance producers" and allowing travel retailers to offer and disseminate travel insurance on their behalf. - Specifying the information that must be provided to consumers when purchasing travel insurance or travel protection plans. - Requiring travel insurers to pay premium tax on policies sold to New Jersey residents. - Classifying travel insurance as an inland marine line of insurance for rate and form filing purposes. - Granting the Commissioner of Banking and Insurance the authority to adopt rules and regulations to implement the act. The bill aims to create a comprehensive regulatory framework for the sale of travel insurance in New Jersey to promote the public welfare.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2022/S3087