Bill
Bill > S3636
NJ S3636
Provides that contracts between subscribers and attorney in fact are not a related party transaction.
summary
Introduced
02/23/2023
02/23/2023
In Committee
12/18/2023
12/18/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Provides that contracts between subscribers and attorney in fact are not a related party transaction.
AI Summary
This bill amends existing law to provide that contracts between subscribers and their attorney in fact are not considered related party transactions. This means that such contracts and any associated fees will not be subject to the regulations governing related party transactions, which are typically used to prevent conflicts of interest. The bill aims to clarify the legal status of these contracts between subscribers and their attorneys in fact, who manage the exchange of reciprocal or interinsurance contracts on behalf of the subscribers.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Reported from Senate Committee, 2nd Reading (on 12/18/2023)
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/S3636 |
| Analysis - Statement SCM 12/18/23 | https://pub.njleg.gov/Bills/2022/S4000/3636_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S4000/3636_I1.HTM |
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