Senate Commerce Committee Statement to Senate, No. 3061 — State of New Jersey (December 12, 2024)
Summary
In a statement dated December 12, 2024, the New Jersey Senate Commerce Committee reports favorably Senate Bill No. 3061, which modernizes existing law by differentiating certain legal service plans from traditional insurance products. The statement says such plans are not insurance because they do not require the payment of claims, assumption of risk, or reimbursement or indemnification for legal services or expenses.
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“Senate Commerce Committee Statement to Senate, No. 3061 — State of New Jersey (December 12, 2024).”
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SENATE COMMERCE COMMITTEE STATEMENT TO SENATE, No. 3061 STATE OF NEW JERSEY DATED: DECEMBER 12, 2024 The Senate Commerce Committee reports favorably Senate Bill No. 3061. This bill differentiates certain legal service plans from traditional insurance products. Under the bill, existing law is modernized by differentiating certain legal service plans from traditional insurance products. Such legal service plans are not insurance because they do not require the payment of claims; assumption of risk; or reimbursement or indemnification for legal services or expenses.
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