Bill > S1503

This bill mandates that the Commissioner of Banking and Insurance investigate how automobile insurance companies are increasing premiums for drivers who have had their driver's licenses suspended, comparing increases for driving-related offenses versus non-driving-related offenses. The investigation will also examine the use of credit ratings and addresses in setting these premiums, specifically determining if factors like non-driving related suspensions or credit scores justify higher costs. This initiative stems from a recommendation by the Motor Vehicles Affordability and Fairness Task Force, and the findings will be reported to the Governor and Legislature within two years of the investigation's start, with the act taking effect six months after enactment and expiring 90 days after the report is submitted.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S1503