Bill
Bill > S2268
NJ S2268
Requires consultation with insurance producer or provision of cost benefit analysis prior to sale of automobile insurance policy.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill prohibits an automobile insurer from issuing a policy of motor vehicle liability insurance to an individual unless the individual consults with an insurance producer about the policy prior to purchase. In addition, the bill permits an insurer to sell a policy of insurance through an internet website to an individual who has not consulted with an insurance producer if the insurer provides the individual with a cost benefit analysis prior to selling the policy of insurance.
AI Summary
This bill prohibits automobile insurers from issuing a policy to an individual unless the individual consults with an insurance producer prior to purchase. However, the bill allows insurers to sell a policy through a website to an individual who has not consulted with a producer, as long as the insurer provides the individual with a cost-benefit analysis before selling the policy. The bill also directs the Department of Banking and Insurance to adopt rules to define what constitutes a consultation and a cost-benefit analysis, and to implement the provisions of the act. The term "insurer" in this context excludes the New Jersey Automobile Full Insurance Underwriting Association and any residual market mechanisms.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/09/2024)
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/2024/S2268 |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2268_I1.HTM |
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