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The Coalition for Auto Insurance Competition today announced that the Professional Insurance Agents of New Jersey, an association representing independent insurance agents throughout the state, has joined the Coalition in the effort to reform New Jersey's auto insurance laws to promote choice and competition.
"Insurance agents, by working directly with consumers, understand the need for a market that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers," said John Friedman, the coalition's chairman. The PIANJ joins the Independent Insurance Agents of New Jersey, which also represents New Jersey insurance agents, as a Coalition member.
"PIANJ supports reforms that will lead to a competitive auto market," said PIANJ President Steven A. Reichman. "As an agent's association, one of our main goals is to achieve competition and create a marketplace where our members can present their customers a wide range of auto insurance products and offerings."
Formed by the auto insurance industry's trade associations (American Insurance Association, Insurance Council of New Jersey, National Association of Independent Insurers) and member companies, the coalition welcomes the participation of businesses, associations and consumers who seek to work together to bring about meaningful and responsible auto insurance reform in New Jersey.
The Coalition is calling for reforms that will attract more auto insurers to New Jersey, spurring competition and increasing consumer choice. These reforms include permitting companies to use industry-accepted standard underwriting methods already used in nearly every state and adjusting the low ceiling on company profits to permit a reasonable rate of return. The latest figures show New Jersey has 47 percent fewer companies selling auto insurance than Illinois and more than a third fewer than neighboring New York and Pennsylvania. More than twenty auto insurance companies have left New Jersey in the past ten years.
"It's only natural to expect that consumers will shop around for the best deal if they have more choices. Competition and choice benefit consumers and when companies compete, consumers win," said Friedman.
The Coalition welcomes the participation of businesses, associations and consumers who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development), Somerset County Chamber of Commerce and the Commerce and Industry Association of New Jersey.