Senate Commerce Committee Statement to Senate, No. 480 — State of New Jersey (June 20, 2022)

Summary

The Senate Commerce Committee of the State of New Jersey, in a statement dated June 20, 2022, reports favorably Senate Bill No. 480. The bill bars an automobile insurer from issuing a motor vehicle liability policy to an individual unless the individual consults with an insurance producer about the policy before purchase. An insurer may sell a policy through an internet website to an individual who has not consulted a producer if the insurer first provides a cost benefit analysis. The bill was pre-filed for introduction in the 2022-2023 session pending technical review and, as reported, includes the changes that review required.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
480

STATE
OF NEW JERSEY

DATED: JUNE
20, 2022

The
Senate Commerce Committee reports favorably Senate Bill No. 480.

This
bill prohibits an automobile insurer from issuing a policy of motor vehicle
liability insurance to an individual unless the individual consults with an
insurance producer about the policy prior to purchase.

In
addition, the bill permits an insurer to sell a policy of insurance through an
internet website to an individual who has not consulted with an insurance
producer if the insurer provides the individual with a cost benefit analysis
prior to selling the policy of insurance.

This
bill was pre-filed for introduction in the 2022-2023 session pending technical
review. As reported, the bill includes the changes required by technical
review, which has been performed.

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