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Home Source documents Committee Statement — Assembly Bill No. 3913, Senate Commerce Committee (December 18, 2023)

Committee Statement — Assembly Bill No. 3913, Senate Commerce Committee (December 18, 2023)

Summary

A Senate Commerce Committee statement to Assembly, No. 3913, State of New Jersey, dated December 18, 2023. The committee reports favorably Assembly Bill No. 3913, named the “Travel Insurance Act.” The statement says the bill would replace and expand existing regulatory standards with a comprehensive codification of the legal framework for travel insurance and travel-assistance services. It lists that the bill would define operative terms, establish a licensing and registration framework for limited lines travel insurance producers, impose existing insurance premium tax requirements on certain travel insurance premiums, and codify how travel insurance products are sold, administered and classified. The bill is identical to Senate Bill No. 3087.

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Cite this document

“Committee Statement — Assembly Bill No. 3913, Senate Commerce Committee (December 18, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-12-18-scm-a3913-s3-779ac07bf8/, SHA-256 68f7b96e98f78e308865c854fcdc0a311eb9f30866eb764397f5c5018d0d7e52.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

               ASSEMBLY, No. 3913

 STATE OF NEW JERSEY
                  DATED: DECEMBER 18, 2023

    The Senate Commerce 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.
    As reported by the committee, Assembly Bill No. 3913 is identical
to Senate Bill No. 3087, which was also reported by the committee on
this date.

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