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Bill > S2710
NJ S2710
NJ S2710Provides that private passenger automobile insurance rating territories shall not place exposure in territory based on ZIP code under certain circumstances.
summary
Introduced
02/15/2024
02/15/2024
In Committee
02/15/2024
02/15/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill provides that private passenger automobile insurance rating territories shall not place an exposure in a territory based on ZIP code, when the ZIP code crosses a municipal boundary. Instead, the bill requires that when a territory includes exposures in two or more contiguous municipalities based on a single postal ZIP code, and the ZIP code therefore crosses a municipal boundary, the exposure shall be placed in a territory based on municipal boundary, not ZIP code, and in the territory in which the exposure automobile is garaged.
AI Summary
This bill provides that private passenger automobile insurance rating territories shall not place an exposure in a territory based on ZIP code when the ZIP code crosses a municipal boundary. Instead, the exposure shall be placed in the territory in which the exposure automobile is garaged, based on the municipal boundary rather than the ZIP code. The bill also outlines various standards that the Commissioner of Banking and Insurance must consider when establishing new territorial rating plans, such as recognizing similarities and differences in driving environments, ensuring statistical credibility, and avoiding unfair discrimination or subsidization between territories.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 02/15/2024)
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/S2710 |
| BillText | https://pub.njleg.gov/Bills/2024/S3000/2710_I1.HTM |
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