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Assembly Commerce and Economic Development Committee Statement to Assembly No. 3913 (December 5, 2022)

Summary

The New Jersey Assembly Commerce and Economic Development Committee reported Assembly Bill No. 3913, the "Travel Insurance Act," favorably on December 5, 2022. The bill would license limited lines travel insurance producers, apply the State's insurance premium tax to certain travel insurance premiums and codify how the products are sold and classified.

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“Assembly Commerce and Economic Development Committee Statement to Assembly No. 3913 (December 5, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-12-05-ace-a3913-s2-e2f8b9570d/, SHA-256 ac88130568d4b8c42dbac11d5c72a1bc95f1d560b464764724567e76ff21c340.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 3913

       STATE OF NEW JERSEY
                         DATED: DECEMBER 5, 2022

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 3913.
          This bill, named the “Travel Insurance Act,” would replace and
      expand existing applicable regulatory standards by providing a
      comprehensive codification of the legal framework specific to travel
      insurance and travel-assistance services. Specifically, the bill would:
          (1) define operative terms relative to the licensing of travel
      insurance producers and the sale of travel insurance products and
      related services;
          (2) establish a licensing and registration framework for limited
      lines travel insurance producers;
          (3) impose the State’s existing requirements with respect to
      insurance premium tax on certain travel insurance premiums; and
          (4) codify established practices with respect to how travel
      insurance and related products are sold, administered, and classified
      for purposes of rate and form regulation.

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