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

Summary

An Assembly Commerce and Economic Development Committee statement to Assembly, No. 3913, State of New Jersey, dated December 5, 2022. The committee reports favorably the bill named the "Travel Insurance Act," which would replace and expand existing regulatory standards with a comprehensive codification of the legal framework for travel insurance and travel-assistance services. The statement says the bill would define operative terms, establish a licensing and registration framework for limited lines travel insurance producers, apply the State's insurance premium tax to certain travel insurance premiums, and codify practices for how travel insurance products are sold, administered and classified.

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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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