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 #
Municipalities supporting
New Jersey Automobile Insurance
Competition and Choice Act
Borough of Avon By The Sea
Borough of Barrington
Borough of Branchville
Borough of Brooklawn
Borough of Butler
Borough of Freehold
Borough of Glassboro
Borough of Little Ferry
Borough of Laurel Springs
Borough of Mantoloking
Borough of Middlesex
Borough of North Arlington
Borough of Point Pleasant Beach
Borough of Somerville
Borough of South Belmar
Borough of Stratford
Borough of Tuckerton
Borough of West Cape May
Borough of Woodstown
City of Cape May
City of Garfield
City of Millville
City of North Wildwood
City of Passaic
City of Salem
City of Union
Frelinghuysen Township
Hillside Township
Long Beach Township
Maurice River Township
Town of Boonton
Town of Harrison
Township of Bernards
Township of Buena Vista
Township of Jefferson
Township of Millburn
Township of Ocean
Township of Pennsville
Township of Phillipsburg
Township of Southampton
Township of South Harrison
Township of Upper
Woodland Township
Township of Voorhees
CONTACT: For Coalition for Auto Insurance Competition
Ernie Landante, 973/799-0200
URL: http://www.businesswire.com
