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 requires the Department of Banking and Insurance to conduct an investigation of practices of the automobile insurance industry in regard to increases in automobile insurance premiums for drivers who have had motor vehicle driver's license suspensions for any reason - either driving related or not. Further, the commissioner of the department is to investigate the use of credit ratings and addresses in determining premiums for drivers. In performing its investigation, the department is to determine whether increases are justified for certain offenses not related to driving including credit ratings. This bill was prompted by a recommendation from the Motor Vehicles Affordability and Fairness Task Force.
AI Summary
This bill requires the Department of Banking and Insurance to conduct an investigation into the automobile insurance industry's practices regarding increases in premiums for drivers who have had their licenses suspended, either for driving-related offenses or non-driving-related offenses. The investigation will also examine the use of credit ratings and addresses in determining premiums. The goal is to determine whether factors such as non-driving-related suspensions and credit ratings justify an increase in premiums. The commissioner must report the findings to the Governor and the Legislature within two years of the start of the investigation.
Committee Categories
Business and Industry
Sponsors (1)
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/S1503 |
| BillText | https://pub.njleg.gov/Bills/2024/S2000/1503_I1.HTM |
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