Bill
Bill > S1477
NJ S1477
Provides that contracts between subscribers and attorney in fact are not a related party transaction.
summary
Introduced
01/09/2024
01/09/2024
In Committee
03/24/2025
03/24/2025
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill amends the law concerning reciprocal insurance and interinsurance contracts. The bill provides that contracts between subscribers and the attorney in fact, and any fees charged pursuant to those contracts or arising out of those contracts, are not to be considered a related party transaction.
AI Summary
This bill amends the law concerning reciprocal insurance and interinsurance contracts. It provides that contracts between subscribers and the attorney in fact, as well as any fees charged pursuant to those contracts or arising out of those contracts, are not to be considered a related party transaction. This clarification helps to establish that these types of contracts are not subject to the same regulations as related party transactions under the existing insurance laws.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Reported from Senate Committee, 2nd Reading (on 03/24/2025)
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/S1477 |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/S1500/1477_T1.PDF |
| Analysis - Statement SCM 3/24/25 | https://pub.njleg.gov/Bills/2024/S1500/1477_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1477_I1.HTM |
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