Bill
Bill > A5317
NJ A5317
Provides that contracts between subscribers and attorney in fact are not a related party transaction.
summary
Introduced
03/20/2023
03/20/2023
In Committee
12/11/2023
12/11/2023
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 provides that contracts between subscribers and the attorney-in-fact of a reciprocal insurance exchange, as well as any fees charged pursuant to those contracts, shall not be considered a related party transaction. This is an exception to the general laws governing insurance transactions in New Jersey, which would otherwise treat such contracts as related party transactions subject to additional regulations.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Reported out of Assembly Committee, 2nd Reading (on 12/11/2023)
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/A5317 |
| Analysis - Statement AFI 12/11/23 | https://pub.njleg.gov/Bills/2022/A5500/5317_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A5500/5317_I1.HTM |
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