Bill > S2783

This bill, known as the "Travel Insurance Act," establishes a comprehensive legal framework for the sale of travel insurance in New Jersey, aiming to protect consumers by creating clear regulations and definitions. It clarifies that the act applies to travel insurance policies covering New Jersey residents and sold, solicited, or offered within the state, while explicitly excluding cancellation fee waivers and most travel assistance services from being considered insurance. The bill defines key terms such as "aggregator site" (a website comparing insurance products from multiple companies), "travel administrator" (a person who handles premiums or claims for travel insurance), and "travel insurance" itself, which covers risks like trip cancellation, lost baggage, and medical issues during travel, but excludes long-term major medical plans. It also outlines licensing requirements for "limited lines travel insurance producers" and "travel retailers" (businesses that offer travel insurance on behalf of licensed producers), emphasizing their responsibilities for disclosures, training, and compliance. Furthermore, the act specifies how premium taxes will be applied to travel insurance and clarifies that travel protection plans, which may combine insurance, assistance services, and waivers, must clearly disclose the components to consumers. The bill also addresses unfair trade practices related to travel insurance, such as misleading marketing or requiring consumers to opt-out of coverage, and dictates that travel insurance will be classified under inland marine insurance for regulatory purposes.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/S2783