Senate Commerce Committee Statement to Senate, No. 1477 (March 24, 2025)
Summary
A New Jersey Senate Commerce Committee statement dated March 24, 2025, reporting Senate Bill 1477 favorably. The bill provides that contracts between subscribers and the attorney in fact for reciprocal insurance and interinsurance, and fees under those contracts, are not to be considered a related party transaction.
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Full text
SENATE COMMERCE COMMITTEE STATEMENT TO SENATE, No. 1477 STATE OF NEW JERSEY DATED: MARCH 24, 2025 The Senate Commerce Committee reports favorably Senate Bill No. 1477. This bill amends the law concerning reciprocal insurance and interinsurance contracts. The bill provides that contracts between subscribers and the attorney in fact, and any fees charged pursuant to those contracts or arising out of those contracts, are not to be considered a related party transaction. This bill was prefiled for introduction in the 2024-2025 session pending technical review. As reported, the bill includes the changes required by technical review, which has been performed.
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- 2025-03-24_SCM_S1477_S1.htm
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- 2025-03-24_SCM_S1477_S1.htm
- Original
- pub.njleg.state.nj.us