Senate Commerce Committee Statement to Assembly, No. 3913 — State of New Jersey (December 18, 2023)

Summary

A Senate Commerce Committee statement to Assembly, No. 3913, State of New Jersey, dated December 18, 2023, reporting favorably 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, replacing and expanding existing standards. It lists definitions for licensing and sales, a licensing and registration framework for limited lines travel insurance producers, premium tax on certain travel insurance premiums, and codified practices for rate and form classification. As reported, Assembly Bill No. 3913 is identical to Senate Bill No. 3087, which the committee also reported on this date.

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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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