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Senate Commerce Committee Statement to Senate, No. 2783 (December 12, 2024)

Summary

Senate Commerce Committee statement to Senate, No. 2783 with committee amendments, State of New Jersey, dated December 12, 2024. The committee reports favorably and with committee amendments Senate Bill No. 2783, which as amended is named the “Travel Insurance Act.” The statement says the bill would provide a comprehensive codification of the legal framework specific to travel insurance and travel-assistance services. It says the committee amended the bill to remove references to third party administrators and to allow travel insurance policies to be marketed directly to a consumer through an insurer’s website if there is an accurate summary of coverage. As amended and reported, the bill is identical to Assembly Bill No. 3696 (1R).

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“Senate Commerce Committee Statement to Senate, No. 2783 (December 12, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-12-12-scm-s2783-s1-58497632e7/, SHA-256 d0ba5a7d8e1f626ba67a93f5e1a3398e2a83b13395e2af2eee704897f42d921c.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 2783
                   with committee amendments



 STATE OF NEW JERSEY
                   DATED: DECEMBER 12, 2024

     The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 2783.
    As amended, 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 amended and reported by the committee, Senate Bill No. 2783
is identical to Assembly Bill No. 3696 (1R).

COMMITTEE AMENDMENTS
    The committee amended the bill to:
    (1) remove references to third party administrators;
    (2) clarify that persons licensed in a property or casualty authority
as an insurance producer will be authorized to sell, solicit, and
negotiate travel insurance;
    (3) allow travel insurance policies to be marketed directly to a
consumer through an insurer’s website if there is an accurate summary
or short description of coverage that includes policy limits and
exclusions or the ability to opt out of the coverage;
    (4) extend the effective date of the bill from 90 to 180 days after
the bill’s enactment; and
    (5) make certain technical changes.

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