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

Become a Freedom Team Member

Make an impact in your community by becoming a Freedom Team member!

Join Us Today