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Senate Commerce Committee Statement to Senate, No. 479 (June 20, 2022)

Summary

This is a Senate Commerce Committee statement to the New Jersey Senate on Senate Bill No. 479, dated June 20, 2022. The committee reports the bill favorably. The bill eliminates the New Jersey Automobile Insurance Risk Exchange (AIRE), which the statement says was created by statute to compensate member insurers for certain claims paid for non-economic loss and claim adjustment expense. Membership is required for every insurer licensed to transact private passenger automobile insurance in New Jersey, and all assessments, expenses and costs are paid by those insurers. Any savings from eliminating AIRE, as determined by the Commissioner of Banking and Insurance, are to be deposited into the "Pedestrian Safety Enforcement and Education Fund."

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“Senate Commerce Committee Statement to Senate, No. 479 (June 20, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-06-20-scm-s479-s1-b121cc1c7d/, SHA-256 829a23cfc3cdb9f24d1121956aadd509da2b47a1a933de08c22eb46da3e16c88.

Full text

     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                  SENATE, No. 479

 STATE OF NEW JERSEY
                     DATED: JUNE 20, 2022

   The Senate Commerce Committee reports favorably Senate Bill
No. 479.
   This bill eliminates the New Jersey Automobile Insurance Risk
Exchange.
   The New Jersey Automobile Insurance Risk Exchange (AIRE)
was created by statute for the purpose of compensating insurer
members of the exchange for claims paid for non-economic loss and
claim adjustment expense which would not have been incurred had
the less costly tort limitation option provided under statute been
elected by the injured party filing a claim for non-economic loss.
   Membership in AIRE is required for every insurer licensed to
transact private passenger automobile insurance in New Jersey,
including all applicable residual market mechanisms. All AIRE
assessments, expenses and costs are paid by New Jersey automobile
insurance companies.
   The bill provides that any savings realized by an insurer licensed
to transact private-passenger automobile insurance in this State
through the elimination of AIRE, as determined by the
Commissioner of Banking and Insurance, are required to be
deposited into the "Pedestrian Safety Enforcement and Education
Fund," and to be used to alleviate pedestrian safety problems.
   This bill was pre-filed for introduction in the 2022-2023 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

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