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Bill > S3087


NJ S3087

"Travel Insurance Act."


summary

Introduced
09/29/2022
In Committee
12/18/2023
Crossed Over
Passed
Dead
01/08/2024

Introduced Session

2022-2023 Regular Session

Bill Summary

"Travel Insurance Act."

AI Summary

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.

Committee Categories

Business and Industry

Sponsors (2)

Last Action

Reported from Senate Committee, 2nd Reading (on 12/18/2023)

bill text


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