Contact FreedomWorks

400 North Capitol Street, NW
Suite 765
Washington, DC 20001

  • Toll Free 1.888.564.6273
  • Local 202.783.3870
Insurance Reform Passes NJ Legislature

The New Jersey General Assembly yesterday approved legislation correcting years of politically influenced auto insurance regulations, which have eroded the availability of coverage for the state's drivers. The New Jersey Automobile Insurance Competition and Choice Act (S-63/A-2625) aims to attract more auto insurers to do business in New Jersey and provide consumers greater and easier access to auto insurance coverage. "Years of excessive regulations have turned New Jersey into a horror story for drivers seeking insurance," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Thanks to bipartisan leadership, New Jersey drivers are closer to reaping the benefits of a more competitive auto insurance marketplace." Politicizing and over regulating auto insurance is the root cause of the state's exodus of auto insurers, leaving consumers too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers have left New Jersey in the past decade. The Coalition for Auto Insurance Competition, a New Jersey-based group of businesses, associations and consumers, has been the leading voice calling for reforms to stimulate competition and greater choices for consumers. "Considering New Jersey's nationwide reputation for over regulating auto insurance, today's final legislative passage has tremendous significance," said Friedman. Having passed both legislative houses the bill now goes to Governor James McGreevey for his expected signature. The Coalition members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey.

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

Insurance Reform Passes NJ Legislature

The New Jersey General Assembly yesterday approved legislation correcting years of politically influenced auto insurance regulations, which have eroded the availability of coverage for the state's drivers. The New Jersey Automobile Insurance Competition and Choice Act (S-63/A-2625) aims to attract more auto insurers to do business in New Jersey and provide consumers greater and easier access to auto insurance coverage. "Years of excessive regulations have turned New Jersey into a horror story for drivers seeking insurance," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Thanks to bipartisan leadership, New Jersey drivers are closer to reaping the benefits of a more competitive auto insurance marketplace." Politicizing and over regulating auto insurance is the root cause of the state's exodus of auto insurers, leaving consumers too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers have left New Jersey in the past decade. The Coalition for Auto Insurance Competition, a New Jersey-based group of businesses, associations and consumers, has been the leading voice calling for reforms to stimulate competition and greater choices for consumers. "Considering New Jersey's nationwide reputation for over regulating auto insurance, today's final legislative passage has tremendous significance," said Friedman. Having passed both legislative houses the bill now goes to Governor James McGreevey for his expected signature. The Coalition members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey.

05/16/2003
NJ Insurance Reform Approved by Assembly Committee

The General Assembly Banking and Insurance Committee today approved legislation correcting years of politically influenced auto insurance regulations that have eroded the availability of coverage for drivers. Voting unanimously, the Committee approved the New Jersey Automobile Insurance Competition and Choice Act, which aims to attract more auto insurers to do business in New Jersey and provide consumers greater and easier access to auto insurance coverage. "Years of excessive regulations have turned New Jersey into a horror story for drivers seeking insurance," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Thanks to bipartisan leadership, New Jersey drivers are closer to reaping the benefits of a truly competitive auto insurance marketplace." Politicizing and over regulating auto insurance is the root cause of the state's exodus of auto insurers, leaving consumers too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers have left New Jersey in the past decade. "Considering the New Jersey's nationwide reputation to over regulate auto insurance, today's Committee vote has tremendous significance," said Friedman. "Today's bi-partisan vote is confirmation that lawmakers are serious about true reform. For drivers, today means there is hope that our auto insurance crisis may be near an end. The Coalition members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development), Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey. # CHOICE AND COMPETITION #

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

NJ Insurance Reform Approved by Assembly Committee

The General Assembly Banking and Insurance Committee today approved legislation correcting years of politically influenced auto insurance regulations that have eroded the availability of coverage for drivers. Voting unanimously, the Committee approved the New Jersey Automobile Insurance Competition and Choice Act, which aims to attract more auto insurers to do business in New Jersey and provide consumers greater and easier access to auto insurance coverage. "Years of excessive regulations have turned New Jersey into a horror story for drivers seeking insurance," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Thanks to bipartisan leadership, New Jersey drivers are closer to reaping the benefits of a truly competitive auto insurance marketplace." Politicizing and over regulating auto insurance is the root cause of the state's exodus of auto insurers, leaving consumers too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers have left New Jersey in the past decade. "Considering the New Jersey's nationwide reputation to over regulate auto insurance, today's Committee vote has tremendous significance," said Friedman. "Today's bi-partisan vote is confirmation that lawmakers are serious about true reform. For drivers, today means there is hope that our auto insurance crisis may be near an end. The Coalition members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development), Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey. # CHOICE AND COMPETITION #

05/05/2003
Coalition Urges Assembly Banking and Insurance Committee to Support Choice and Competition Act

The Coalition for Auto Insurance Competition is urging the Assembly Banking and Insurance Committee to favorably release the "New Jersey Automobile Insurance Choice and Competition Act," scheduled for consideration May 5, 2003. The New Jersey Automobile Insurance Choice and Competition Act (S-63/A-2625) would reform current law by giving more choices to consumers and encouraging competition among New Jersey's automobile insurance carriers. "This bill's enactment would mark a first step toward reform," said John Friedman, the Coalition's chairman. "This plan is the foundation upon which a competitive market can be built." The Coalition believes the state's excessive regulation of auto insurance is the culprit behind the lack of auto insurance choice and competition in New Jersey. In the last decade, more than 20 auto insurance companies have left the Garden State, and currently four of the six largest insurers do not write any business in the state. New Jersey has 47 percent fewer companies selling auto insurance than Illinois and more than a third fewer than neighboring New York and Pennsylvania. "Having to operate under the state's restrictive and difficult regulatory regime, where insurers are told what products to sell, to whom they must sell and how much to charge, companies will lack an incentive to remain and invest in New Jersey," said Friedman. "Drivers need a regulatory system that promotes competition, encourages companies to sell auto insurance, and creates a stable market that offers more choices for consumers." Senator Ronald L. Rice (R-Newark) sponsors S-63, and Assemblymen Louis D. Greenwald, (D-Cherry Hill) and Christopher Bateman, (R-Branchburg) are prime sponsors to the companion bill, A-2625. Co-sponsors to A-2625 are Assemblywoman Nilsa Cruz-Perez, Assemblyman Gary L. Guear, Assemblyman Matt Ahearn, Assemblyman Joseph Cryan, Assemblyman Willis Edwards, Assemblyman Peter J. Biondi, Assemblyman Robert J. Smith, Assemblyman Jack Connors, Assemblyman Richard A. Merkt, Assemblyman David W. Wolfe, Assemblyman Alex DeCroce, and Assemblyman Joseph Penacchio. The Coalition for Auto Insurance Competition includes the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey.

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

Coalition Urges Assembly Banking and Insurance Committee to Support Choice and Competition Act

The Coalition for Auto Insurance Competition is urging the Assembly Banking and Insurance Committee to favorably release the "New Jersey Automobile Insurance Choice and Competition Act," scheduled for consideration May 5, 2003. The New Jersey Automobile Insurance Choice and Competition Act (S-63/A-2625) would reform current law by giving more choices to consumers and encouraging competition among New Jersey's automobile insurance carriers. "This bill's enactment would mark a first step toward reform," said John Friedman, the Coalition's chairman. "This plan is the foundation upon which a competitive market can be built." The Coalition believes the state's excessive regulation of auto insurance is the culprit behind the lack of auto insurance choice and competition in New Jersey. In the last decade, more than 20 auto insurance companies have left the Garden State, and currently four of the six largest insurers do not write any business in the state. New Jersey has 47 percent fewer companies selling auto insurance than Illinois and more than a third fewer than neighboring New York and Pennsylvania. "Having to operate under the state's restrictive and difficult regulatory regime, where insurers are told what products to sell, to whom they must sell and how much to charge, companies will lack an incentive to remain and invest in New Jersey," said Friedman. "Drivers need a regulatory system that promotes competition, encourages companies to sell auto insurance, and creates a stable market that offers more choices for consumers." Senator Ronald L. Rice (R-Newark) sponsors S-63, and Assemblymen Louis D. Greenwald, (D-Cherry Hill) and Christopher Bateman, (R-Branchburg) are prime sponsors to the companion bill, A-2625. Co-sponsors to A-2625 are Assemblywoman Nilsa Cruz-Perez, Assemblyman Gary L. Guear, Assemblyman Matt Ahearn, Assemblyman Joseph Cryan, Assemblyman Willis Edwards, Assemblyman Peter J. Biondi, Assemblyman Robert J. Smith, Assemblyman Jack Connors, Assemblyman Richard A. Merkt, Assemblyman David W. Wolfe, Assemblyman Alex DeCroce, and Assemblyman Joseph Penacchio. The Coalition for Auto Insurance Competition includes the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey.

05/02/2003
AAA Clubs of New Jersey Support Choice and Competition Bill

The Coalition for Auto Insurance Competition today announced that the AAA Clubs of New Jersey has joined the effort to bring choice and competition to New Jersey's auto insurance market. "The AAA Clubs of New Jersey recognize the need for a regulatory system 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 Coalition supports The New Jersey Automobile Insurance Competition and Choice Act, which passed the State Senate. The New Jersey General Assembly Banking and Insurance Committee is expected to consider the bill (S-63/A-2625) in May. The legislation has the backing of Governor James McGreevey and a bipartisan group of legislators in both houses. The AAA Clubs of New Jersey - AAA North Jersey, New Jersey Automobile Club, AAA Mid-Atlantic and AAA South Jersey - provide automotive, travel, financial, insurance, legislative and educational services to 1.9 million members through 27 offices in the Garden State. 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. "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 for Auto Insurance Competition includes the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey.

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

AAA Clubs of New Jersey Support Choice and Competition Bill

The Coalition for Auto Insurance Competition today announced that the AAA Clubs of New Jersey has joined the effort to bring choice and competition to New Jersey's auto insurance market. "The AAA Clubs of New Jersey recognize the need for a regulatory system 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 Coalition supports The New Jersey Automobile Insurance Competition and Choice Act, which passed the State Senate. The New Jersey General Assembly Banking and Insurance Committee is expected to consider the bill (S-63/A-2625) in May. The legislation has the backing of Governor James McGreevey and a bipartisan group of legislators in both houses. The AAA Clubs of New Jersey - AAA North Jersey, New Jersey Automobile Club, AAA Mid-Atlantic and AAA South Jersey - provide automotive, travel, financial, insurance, legislative and educational services to 1.9 million members through 27 offices in the Garden State. 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. "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 for Auto Insurance Competition includes the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey.

04/30/2003
U.S. Congress Learns of New Jersey's Auto Insurance Crisis

Federal lawmakers today learned that New Jersey's auto insurance crisis has impacted more than a quarter million people within the past three years alone, forcing drivers to search for auto insurance in a market bereft of auto insurers. Testifying before the House Financial Services Capital Markets Subcommittee, Coalition for Auto Insurance Competition Vice Chairman John J. Marchioni explained that excessive regulation of the industry has lead to a shortage of insurance for consumers seeking coverage. The Coalition for Auto Insurance Competition's statewide public education campaign has informed citizens and lawmakers that years of politicizing and over regulating auto insurance has caused the exodus of auto insurers from New Jersey, leaving consumers with too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers fled New Jersey in the past decade. Nearly 40 auto insurers have withdrawn from New Jersey since 1976 and several more have announced plans to stop doing business in the state. "To solve the current capacity and availability crisis, it is imperative for additional capital to be invested in the New Jersey auto insurance market. But the private sector is unlikely to take that step until the numerous regulatory barriers to competition are dismantled. Reforms must give existing insurers confidence they can effectively serve their customers, generate a competitive rate of return, and attract additional insurers to enter the marketplace," said Marchioni. The Coalition supports New Jersey State Senate Bill No. 63, which passed the State Senate and is expected to be considered by the New Jersey General Assembly in May. The New Jersey Automobile Insurance Competition and Choice Act has the backing of Governor James McGreevey and a bipartisan group of legislators in both houses. "Assuming S-63 is signed into law, the required regulatory changes are swiftly enacted, and the reforms are allowed to take root without political interference, New Jersey could become a more attractive market for insurers, with the state's consumers the ultimate beneficiaries," said Marchioni. The Coalition members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County and the Commerce and Industry Association of New Jersey.

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

U.S. Congress Learns of New Jersey's Auto Insurance Crisis

Federal lawmakers today learned that New Jersey's auto insurance crisis has impacted more than a quarter million people within the past three years alone, forcing drivers to search for auto insurance in a market bereft of auto insurers. Testifying before the House Financial Services Capital Markets Subcommittee, Coalition for Auto Insurance Competition Vice Chairman John J. Marchioni explained that excessive regulation of the industry has lead to a shortage of insurance for consumers seeking coverage. The Coalition for Auto Insurance Competition's statewide public education campaign has informed citizens and lawmakers that years of politicizing and over regulating auto insurance has caused the exodus of auto insurers from New Jersey, leaving consumers with too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers fled New Jersey in the past decade. Nearly 40 auto insurers have withdrawn from New Jersey since 1976 and several more have announced plans to stop doing business in the state. "To solve the current capacity and availability crisis, it is imperative for additional capital to be invested in the New Jersey auto insurance market. But the private sector is unlikely to take that step until the numerous regulatory barriers to competition are dismantled. Reforms must give existing insurers confidence they can effectively serve their customers, generate a competitive rate of return, and attract additional insurers to enter the marketplace," said Marchioni. The Coalition supports New Jersey State Senate Bill No. 63, which passed the State Senate and is expected to be considered by the New Jersey General Assembly in May. The New Jersey Automobile Insurance Competition and Choice Act has the backing of Governor James McGreevey and a bipartisan group of legislators in both houses. "Assuming S-63 is signed into law, the required regulatory changes are swiftly enacted, and the reforms are allowed to take root without political interference, New Jersey could become a more attractive market for insurers, with the state's consumers the ultimate beneficiaries," said Marchioni. The Coalition members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County and the Commerce and Industry Association of New Jersey.

04/10/2003
NJ Manufacturers Gets Relief from Issuing Auto Quotes

The state's insurance crisis took yet another turn for the worse today when the New Jersey Department of Banking and Insurance allowed New Jersey Manufacturers Insurance Group, the state's largest insurer, a respite from quoting rates to drivers seeking coverage from its subsidiary, New Jersey Re-Insurance Company. The move dramatically increases the already serious difficulties drivers have in obtaining auto insurance. New Jersey Re-Insurance Company writes about 2,000 new auto insurance policies monthly. According to John Friedman, chairman of the Coalition for Auto Insurance Competition, the move is further evidence that New Jersey's auto insurance laws and regulation require immediate reform. "The state's auto insurance marketplace is unstable and dysfunctional, requiring immediate reform that instills more company competition and more choices for consumers," said Friedman. New Jersey Manufacturers says it was left with little choice after a deluge of callers, many lacking coverage after their previous companies left the state market, overwhelmed the company's offices. The heavy demand from drivers seeking auto insurance coverage interrupted the company's regular day-to-day operations, forcing the insurer to apologize for service delays to its 700,000 policyholders. The company says it will take 56 days to clear up the backlog for quotes. "Today's announcement underscores the immediate need to address the state's excessive regulation of the auto insurance industry, which is pushing companies out of New Jersey and continues to threaten the stability and sustainability of New Jersey's auto insurance market," Friedman said. "Insurers are either leaving the state, paying other companies to take their New Jersey business or asking the state to be exempted from existing rules. Consumers and companies alike are finding themselves in a 'perfect storm' of marketplace failure. It is imperative that we move forward with legislation to restore competition to New Jersey's auto insurance market." The state's decision is the latest in a series of events that have restricted the ability of drivers to obtain coverage. In the past year, seven auto insurers have stopped doing business in New Jersey. Twenty-six companies have withdrawn from the state during last decade. Last summer, State Farm, once the state's largest insurer, obtained approval to non-renew 4,000 policies a month for the next three years as part of that company's withdrawal from the state. The Robert Plan ceased writing policies in September, and in January of this year two more insurers, Central Mutual and Merchants Insurance, announced they were leaving the state. "Good intentions have led us down the wrong path," continued Friedman. "We need a regulatory system that doesn't force auto insurers from our state or into insolvency, but rather permits companies to compete in an active market." The Department of Banking and Insurance has placed 19 other auto insurance companies under close monitoring due to their poor financial condition. Together these companies are responsible for 28 percent of all auto policies in the state. Today's decision will place even greater pressure on these firms, increasing the chances that more will abandon the market, further stressing an already damaged industry. The collapse of the state auto insurance system, predicted for years by industry specialists, has become a serious possibility. "With comparatively few auto insurers remaining in New Jersey, the loss of any others will add pressure on an industry near the breaking point," said Friedman. "Many companies are already straining their capacity of policyholders." Although Governor James E. McGreevey called for auto insurance reform in his State of the State address, the legislature has yet to act on S-1999 or A-2625, the New Jersey Automobile Insurance Competition and Choice Act. New Jersey officials must act now, before the industry is further crippled, and more drivers frustrated. "Drivers need a regulatory system that promotes competition, encourages companies to sell auto insurance, and creates a stable market that offers more choices for consumers. Every day that goes by without legislative action is a day where the state risks further deterioration and, ultimately, collapse of the auto insurance market," Friedman concluded. The Coalition welcomes the participation of consumers, businesses, and associations who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS, 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, Latino Chamber of Commerce of Mercer County and the Commerce and Industry Association of New Jersey.

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

NJ Manufacturers Gets Relief from Issuing Auto Quotes

The state's insurance crisis took yet another turn for the worse today when the New Jersey Department of Banking and Insurance allowed New Jersey Manufacturers Insurance Group, the state's largest insurer, a respite from quoting rates to drivers seeking coverage from its subsidiary, New Jersey Re-Insurance Company. The move dramatically increases the already serious difficulties drivers have in obtaining auto insurance. New Jersey Re-Insurance Company writes about 2,000 new auto insurance policies monthly. According to John Friedman, chairman of the Coalition for Auto Insurance Competition, the move is further evidence that New Jersey's auto insurance laws and regulation require immediate reform. "The state's auto insurance marketplace is unstable and dysfunctional, requiring immediate reform that instills more company competition and more choices for consumers," said Friedman. New Jersey Manufacturers says it was left with little choice after a deluge of callers, many lacking coverage after their previous companies left the state market, overwhelmed the company's offices. The heavy demand from drivers seeking auto insurance coverage interrupted the company's regular day-to-day operations, forcing the insurer to apologize for service delays to its 700,000 policyholders. The company says it will take 56 days to clear up the backlog for quotes. "Today's announcement underscores the immediate need to address the state's excessive regulation of the auto insurance industry, which is pushing companies out of New Jersey and continues to threaten the stability and sustainability of New Jersey's auto insurance market," Friedman said. "Insurers are either leaving the state, paying other companies to take their New Jersey business or asking the state to be exempted from existing rules. Consumers and companies alike are finding themselves in a 'perfect storm' of marketplace failure. It is imperative that we move forward with legislation to restore competition to New Jersey's auto insurance market." The state's decision is the latest in a series of events that have restricted the ability of drivers to obtain coverage. In the past year, seven auto insurers have stopped doing business in New Jersey. Twenty-six companies have withdrawn from the state during last decade. Last summer, State Farm, once the state's largest insurer, obtained approval to non-renew 4,000 policies a month for the next three years as part of that company's withdrawal from the state. The Robert Plan ceased writing policies in September, and in January of this year two more insurers, Central Mutual and Merchants Insurance, announced they were leaving the state. "Good intentions have led us down the wrong path," continued Friedman. "We need a regulatory system that doesn't force auto insurers from our state or into insolvency, but rather permits companies to compete in an active market." The Department of Banking and Insurance has placed 19 other auto insurance companies under close monitoring due to their poor financial condition. Together these companies are responsible for 28 percent of all auto policies in the state. Today's decision will place even greater pressure on these firms, increasing the chances that more will abandon the market, further stressing an already damaged industry. The collapse of the state auto insurance system, predicted for years by industry specialists, has become a serious possibility. "With comparatively few auto insurers remaining in New Jersey, the loss of any others will add pressure on an industry near the breaking point," said Friedman. "Many companies are already straining their capacity of policyholders." Although Governor James E. McGreevey called for auto insurance reform in his State of the State address, the legislature has yet to act on S-1999 or A-2625, the New Jersey Automobile Insurance Competition and Choice Act. New Jersey officials must act now, before the industry is further crippled, and more drivers frustrated. "Drivers need a regulatory system that promotes competition, encourages companies to sell auto insurance, and creates a stable market that offers more choices for consumers. Every day that goes by without legislative action is a day where the state risks further deterioration and, ultimately, collapse of the auto insurance market," Friedman concluded. The Coalition welcomes the participation of consumers, businesses, and associations who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS, 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, Latino Chamber of Commerce of Mercer County and the Commerce and Industry Association of New Jersey.

02/26/2003
2002: Auto Insurance Choice and Competition Dwindles, Consumers Suffer, According to the Coalition for Auto Insurance Co…

For New Jerseyans seeking auto insurance coverage, 2002 will likely be known as the worst year in state history for auto insurance choice and competition. "Drivers are facing the ugly truth about auto insurance in New Jersey," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Excessive regulation and political interference is forcing auto insurers to flee New Jersey, leaving drivers with little choice and few options." More than twenty-five auto insurers have left New Jersey during the last ten years. In 2002, seven auto insurers either left or announced plans to stop doing business in New Jersey: - January: Harleysville Insurance Company agrees to pay Palisades Safety and Insurance Association and Palisades Insurance Company $4.7 million to take the 16,000 vehicles Harleysville insures. - June: State officials approve State Farm Indemnity's request to withdraw from New Jersey. - September: State Farm Indemnity starts non-renewing 96,000 New Jersey auto policies as part of its withdrawal. - September: Twin City Fire Insurance Company, part of Hartford Financial Services, agrees to pay Palisades Safety & Insurance Association and Palisades Insurance Company $9.2 million to take the 24,000 vehicles Twin City insures in New Jersey. - September: Great American Insurance Company agrees to pay Palisades Safety & Insurance Association and Palisades Insurance Company $7.0 million to take the 24,000 vehicles Great American insurers in New Jersey. - December: The Robert Plan shuts its New Jersey business, non-renewing its last 20,000 vehicles through a Department of Banking and Insurance-ordered "solvent run-off" precipitated by the company's hazardous financial condition. - December: Central Mutual Insurance Company announces it is leaving New Jersey. - December: Merchants Insurance Group announces it is leaving New Jersey. Each month, the owners of more than 4,000 vehicles learn that their auto insurance coverage is not being renewed, forcing these policyholders to search for replacement coverage in a market bereft of sufficient choice and competition. The Coalition points to the state's excessive regulation of auto insurance as the culprit behind the lack of sufficient auto insurance choice and competition. "Without swift action by state lawmakers, consumers will likely face fewer choices in 2003 as excessive regulations and political influence continues to take its toll," said Friedman. "Drivers need a regulatory system that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers." "Until reforms are made that promote greater consumer choice and industry competition, insurers will continue to lack the incentive to grow and invest capital in New Jersey, leaving drivers in a lurch," said Friedman. 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, and two have left in the last year. The Coalition has been working to educate New Jersey drivers and policy makers to stem the state's unprecedented auto insurance crisis precipitated by the deterioration of the financial health of New Jersey's auto insurance industry. The group is calling for passage and enactment of the New Jersey Auto Insurance Competition and Choice Act (A-2625 and S-1999), which outlines reforms that will attract more auto insurers to New Jersey by permitting companies to use industry-accepted standard underwriting methods already used in nearly every state. "While 2002 has been a bad year for auto insurance consumers, 2003 does offer hope for meaningful reform," said Friedman. "Governor McGreevey has acknowledged the problem and promised to present his own proposal in January to stimulate auto insurance choice and competition," The Coalition welcomes the participation of consumers, businesses, and associations who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS, 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. CONTACT: Coalition for Auto Insurance Competition Ernie Landante, 973/799-0200 www.njcaic.org URL: http://www.businesswire.com

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

2002: Auto Insurance Choice and Competition Dwindles, Consumers Suffer, According to the Coalition for Auto Insurance Co…

For New Jerseyans seeking auto insurance coverage, 2002 will likely be known as the worst year in state history for auto insurance choice and competition. "Drivers are facing the ugly truth about auto insurance in New Jersey," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Excessive regulation and political interference is forcing auto insurers to flee New Jersey, leaving drivers with little choice and few options." More than twenty-five auto insurers have left New Jersey during the last ten years. In 2002, seven auto insurers either left or announced plans to stop doing business in New Jersey: - January: Harleysville Insurance Company agrees to pay Palisades Safety and Insurance Association and Palisades Insurance Company $4.7 million to take the 16,000 vehicles Harleysville insures. - June: State officials approve State Farm Indemnity's request to withdraw from New Jersey. - September: State Farm Indemnity starts non-renewing 96,000 New Jersey auto policies as part of its withdrawal. - September: Twin City Fire Insurance Company, part of Hartford Financial Services, agrees to pay Palisades Safety & Insurance Association and Palisades Insurance Company $9.2 million to take the 24,000 vehicles Twin City insures in New Jersey. - September: Great American Insurance Company agrees to pay Palisades Safety & Insurance Association and Palisades Insurance Company $7.0 million to take the 24,000 vehicles Great American insurers in New Jersey. - December: The Robert Plan shuts its New Jersey business, non-renewing its last 20,000 vehicles through a Department of Banking and Insurance-ordered "solvent run-off" precipitated by the company's hazardous financial condition. - December: Central Mutual Insurance Company announces it is leaving New Jersey. - December: Merchants Insurance Group announces it is leaving New Jersey. Each month, the owners of more than 4,000 vehicles learn that their auto insurance coverage is not being renewed, forcing these policyholders to search for replacement coverage in a market bereft of sufficient choice and competition. The Coalition points to the state's excessive regulation of auto insurance as the culprit behind the lack of sufficient auto insurance choice and competition. "Without swift action by state lawmakers, consumers will likely face fewer choices in 2003 as excessive regulations and political influence continues to take its toll," said Friedman. "Drivers need a regulatory system that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers." "Until reforms are made that promote greater consumer choice and industry competition, insurers will continue to lack the incentive to grow and invest capital in New Jersey, leaving drivers in a lurch," said Friedman. 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, and two have left in the last year. The Coalition has been working to educate New Jersey drivers and policy makers to stem the state's unprecedented auto insurance crisis precipitated by the deterioration of the financial health of New Jersey's auto insurance industry. The group is calling for passage and enactment of the New Jersey Auto Insurance Competition and Choice Act (A-2625 and S-1999), which outlines reforms that will attract more auto insurers to New Jersey by permitting companies to use industry-accepted standard underwriting methods already used in nearly every state. "While 2002 has been a bad year for auto insurance consumers, 2003 does offer hope for meaningful reform," said Friedman. "Governor McGreevey has acknowledged the problem and promised to present his own proposal in January to stimulate auto insurance choice and competition," The Coalition welcomes the participation of consumers, businesses, and associations who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS, 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. CONTACT: Coalition for Auto Insurance Competition Ernie Landante, 973/799-0200 www.njcaic.org URL: http://www.businesswire.com

12/30/2002
Coalition For Auto Insurance Competition

"Your auto insurance policy will be not renewed." Every day for the next two years, hundreds of New Jersey drivers will receive the message that their auto insurer will not renew their coverage. And unless state legislators act quickly, these drivers will find they have few places to turn in this market bereft of consumer choice. Starting in September, State Farm Indemnity will send out notices to the owners of four thousand cars every month informing them that their auto insurance coverage will not be renewed, as part of the order governing State Farm Indemnity's withdrawal from the New Jersey market. The remaining State Farm Indemnity auto policies are scheduled to be non-renewed sometime after 2005. An additional 20,000 policy holders of the Robert Plan will get that same nonrenewal message this fall. And several other insurers are already over their capacity and have previously received permission from the Department of Banking and Insurance to stop writing new policies because of their financial condition. "Thousands of drivers will soon face the ugly truth about auto insurance in New Jersey," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Excessive regulation has forced more than two dozen insurance companies to flee New Jersey, leaving drivers with insufficient choice and options." To complicate matters, the ability of New Jersey's few remaining insurers to handle the influx of policies is in doubt. "One of New Jersey's other major insurers, New Jersey Manufacturers, has reported that it is already swamped with calls from drivers desperately trying to find coverage, and not a single State Farm Indemnity or Robert Plan policyholder has received the nonrenewal letter," continued Friedman. "Of the remaining insurance companies, 18 percent are exempt from the take-all-comers law because of their financial condition and are not accepting new customers. This underscores the immediate need to address how the state regulates the auto industry." The Coalition for Auto Insurance Competition has been working to educate New Jersey drivers and policy makers to prevent an unprecedented statewide auto insurance crisis precipitated by the deterioration of the financial health of New Jersey's auto insurance industry. It points to the state's excessive regulation of auto insurance as the culprit behind the lack of sufficient auto insurance choice and competition. "Having to operate under the state's restrictive and difficult regulatory regime where insurers are told what products to sell, to whom they must sell to and how much to change, companies will lack an incentive to remain and invest in New Jersey," continued Friedman. "We need a regulatory system that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers." The Coalition is calling for passage and enactment of the New Jersey Auto Insurance Competition and Choice Act (A-2625), sponsored by Assemblyman Lou Greenwald. The legislation outlines reforms that will attract more auto insurers to New Jersey by permitting companies to use industry-accepted standard underwriting methods already used in nearly every state. It also adjusts the low ceiling on company profits to permit a reasonable rate of return. "Until reforms are made that promote greater consumer choice and industry competition, insurers will continue to lack the incentive to grow and invest capital in New Jersey, leaving drivers in a lurch," said Friedman. "Unfortunately, it seems that many of the states' leaders are content to avoid this issue until the market collapses." 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, and two have left in the last year. The Coalition welcomes the participation of consumers, businesses, and associations who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS, 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.

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

Coalition For Auto Insurance Competition

"Your auto insurance policy will be not renewed." Every day for the next two years, hundreds of New Jersey drivers will receive the message that their auto insurer will not renew their coverage. And unless state legislators act quickly, these drivers will find they have few places to turn in this market bereft of consumer choice. Starting in September, State Farm Indemnity will send out notices to the owners of four thousand cars every month informing them that their auto insurance coverage will not be renewed, as part of the order governing State Farm Indemnity's withdrawal from the New Jersey market. The remaining State Farm Indemnity auto policies are scheduled to be non-renewed sometime after 2005. An additional 20,000 policy holders of the Robert Plan will get that same nonrenewal message this fall. And several other insurers are already over their capacity and have previously received permission from the Department of Banking and Insurance to stop writing new policies because of their financial condition. "Thousands of drivers will soon face the ugly truth about auto insurance in New Jersey," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Excessive regulation has forced more than two dozen insurance companies to flee New Jersey, leaving drivers with insufficient choice and options." To complicate matters, the ability of New Jersey's few remaining insurers to handle the influx of policies is in doubt. "One of New Jersey's other major insurers, New Jersey Manufacturers, has reported that it is already swamped with calls from drivers desperately trying to find coverage, and not a single State Farm Indemnity or Robert Plan policyholder has received the nonrenewal letter," continued Friedman. "Of the remaining insurance companies, 18 percent are exempt from the take-all-comers law because of their financial condition and are not accepting new customers. This underscores the immediate need to address how the state regulates the auto industry." The Coalition for Auto Insurance Competition has been working to educate New Jersey drivers and policy makers to prevent an unprecedented statewide auto insurance crisis precipitated by the deterioration of the financial health of New Jersey's auto insurance industry. It points to the state's excessive regulation of auto insurance as the culprit behind the lack of sufficient auto insurance choice and competition. "Having to operate under the state's restrictive and difficult regulatory regime where insurers are told what products to sell, to whom they must sell to and how much to change, companies will lack an incentive to remain and invest in New Jersey," continued Friedman. "We need a regulatory system that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers." The Coalition is calling for passage and enactment of the New Jersey Auto Insurance Competition and Choice Act (A-2625), sponsored by Assemblyman Lou Greenwald. The legislation outlines reforms that will attract more auto insurers to New Jersey by permitting companies to use industry-accepted standard underwriting methods already used in nearly every state. It also adjusts the low ceiling on company profits to permit a reasonable rate of return. "Until reforms are made that promote greater consumer choice and industry competition, insurers will continue to lack the incentive to grow and invest capital in New Jersey, leaving drivers in a lurch," said Friedman. "Unfortunately, it seems that many of the states' leaders are content to avoid this issue until the market collapses." 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, and two have left in the last year. The Coalition welcomes the participation of consumers, businesses, and associations who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS, 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.

09/03/2002
Coalition For Auto Insurance Competition

Legislators are about to hear the call for auto insurance reform from thousands of New Jerseyans concerned and frustrated over the lack of auto insurance choices. Citizens are signing a petition from the Coalition For Auto Insurance Competition urging legislators to reform the state's antiquated and anti-competitive auto insurance laws by passing The New Jersey Automobile Insurance Competition and Choice Act. "Our surveys show that consumers overwhelmingly support legislation that will result in more companies doing business in New Jersey and giving consumers more choices," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "This bill would do just that." More than 90,000 petitions are on their way to homes. Petitions are also available on the Coalition's website at www.njcaic.org. This new push builds on education efforts already undertaken by the Coalition and gives residents a means to voice their frustration over a lack of competition in the auto insurance marketplace. The Coalition points to the state's excessive regulation of auto insurance as the culprit behind the lack of sufficient auto insurance choice and competition. "Four out of the six largest insurers in America already do not do business in New Jersey and when State Farm, the state's largest auto insurer, completes its withdrawal currently in process, that number will increase to five out of six," said Friedman. 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 20 auto insurance companies have left New Jersey in the past ten years. "Having to operate under the state's restrictive and difficult regulatory regime where insurers are told what products to sell, to whom they must sell to and how much to change, companies will lack an incentive to remain and invest in New Jersey," continued Friedman. "We need a regulatory system that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers." The New Jersey Auto Insurance Competition and Choice Act outlines reforms to attract more auto insurers to New Jersey by permitting companies to use industry-accepted standard underwriting methods already used in nearly every state. The Coalition welcomes the participation of consumers, businesses, and associations who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS, 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. CONTACT: Winning Strategies Ernie Landante, 973/799-0200 URL: http://www.businesswire.com

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

Coalition For Auto Insurance Competition

Legislators are about to hear the call for auto insurance reform from thousands of New Jerseyans concerned and frustrated over the lack of auto insurance choices. Citizens are signing a petition from the Coalition For Auto Insurance Competition urging legislators to reform the state's antiquated and anti-competitive auto insurance laws by passing The New Jersey Automobile Insurance Competition and Choice Act. "Our surveys show that consumers overwhelmingly support legislation that will result in more companies doing business in New Jersey and giving consumers more choices," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "This bill would do just that." More than 90,000 petitions are on their way to homes. Petitions are also available on the Coalition's website at www.njcaic.org. This new push builds on education efforts already undertaken by the Coalition and gives residents a means to voice their frustration over a lack of competition in the auto insurance marketplace. The Coalition points to the state's excessive regulation of auto insurance as the culprit behind the lack of sufficient auto insurance choice and competition. "Four out of the six largest insurers in America already do not do business in New Jersey and when State Farm, the state's largest auto insurer, completes its withdrawal currently in process, that number will increase to five out of six," said Friedman. 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 20 auto insurance companies have left New Jersey in the past ten years. "Having to operate under the state's restrictive and difficult regulatory regime where insurers are told what products to sell, to whom they must sell to and how much to change, companies will lack an incentive to remain and invest in New Jersey," continued Friedman. "We need a regulatory system that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers." The New Jersey Auto Insurance Competition and Choice Act outlines reforms to attract more auto insurers to New Jersey by permitting companies to use industry-accepted standard underwriting methods already used in nearly every state. The Coalition welcomes the participation of consumers, businesses, and associations who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS, 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. CONTACT: Winning Strategies Ernie Landante, 973/799-0200 URL: http://www.businesswire.com

09/03/2002
Coalition for Auto Insurance Competition

The New Jersey State Senate today passed legislation correcting years of politically influenced auto insurance regulations that have eroded the availability of coverage for drivers. Voting 29-4, the Senate approved the New Jersey Automobile Insurance Competition and Choice Act, which aims to attract more auto insurers to do business in New Jersey and provide consumers greater and easier access to auto insurance coverage. "Years of excessive regulations have turned New Jersey into a horror story for drivers seeking insurance," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Thanks to bipartisan leadership, New Jersey drivers are closer to reaping the benefits of a truly competitive auto insurance marketplace." Politicizing and over regulating auto insurance is the root cause of the state's exodus of auto insurers, leaving consumers too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers have left New Jersey in the past decade. "Considering the New Jersey's nationwide reputation to over regulate auto insurance, today's Senate vote has tremendous significance," said Friedman. "Today's bi-partisan vote is confirmation that lawmakers are serious about true reform. For drivers, today means there is hope that our auto insurance crisis may be near an end. But first, the Assembly needs to immediately follow the Senate's lead and pass this bill now. Drivers can't wait any longer." The Coalition members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey. CHOICE AND COMPETITION Municipalities supporting New Jersey Automobile Insurance Competition and Choice Act Avon-By-The-Sea Borough Barrington Borough Bernards Township Boonton Town Branchville Borough Brooklawn Borough Buena Vista Township Butler Borough Cape May City Freehold Borough Frelinghuysen Township Garfield City Glassboro Borough Harrison Town Hillside Township Jefferson Township Laurel Springs Borough Little Ferry Borough Long Beach Township Mantoloking Borough Maurice River Township Middlesex Borough Millburn Township Millville City North Arlington Borough North Wildwood City Ocean Township Passaic City Pennsville Township Point Pleasant Beach Borough Somerville Borough Tuckerton Borough

http://d7.freedomworks.org.s3.amazonaws.com/styles/thumbnail/s3/te_social_media_share/fw_default_0.jpg?itok=mX_C44GW

Coalition for Auto Insurance Competition

The New Jersey State Senate today passed legislation correcting years of politically influenced auto insurance regulations that have eroded the availability of coverage for drivers. Voting 29-4, the Senate approved the New Jersey Automobile Insurance Competition and Choice Act, which aims to attract more auto insurers to do business in New Jersey and provide consumers greater and easier access to auto insurance coverage. "Years of excessive regulations have turned New Jersey into a horror story for drivers seeking insurance," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Thanks to bipartisan leadership, New Jersey drivers are closer to reaping the benefits of a truly competitive auto insurance marketplace." Politicizing and over regulating auto insurance is the root cause of the state's exodus of auto insurers, leaving consumers too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers have left New Jersey in the past decade. "Considering the New Jersey's nationwide reputation to over regulate auto insurance, today's Senate vote has tremendous significance," said Friedman. "Today's bi-partisan vote is confirmation that lawmakers are serious about true reform. For drivers, today means there is hope that our auto insurance crisis may be near an end. But first, the Assembly needs to immediately follow the Senate's lead and pass this bill now. Drivers can't wait any longer." The Coalition members include the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey. CHOICE AND COMPETITION Municipalities supporting New Jersey Automobile Insurance Competition and Choice Act Avon-By-The-Sea Borough Barrington Borough Bernards Township Boonton Town Branchville Borough Brooklawn Borough Buena Vista Township Butler Borough Cape May City Freehold Borough Frelinghuysen Township Garfield City Glassboro Borough Harrison Town Hillside Township Jefferson Township Laurel Springs Borough Little Ferry Borough Long Beach Township Mantoloking Borough Maurice River Township Middlesex Borough Millburn Township Millville City North Arlington Borough North Wildwood City Ocean Township Passaic City Pennsville Township Point Pleasant Beach Borough Somerville Borough Tuckerton Borough

09/03/2002

Pages