# NJ Assembly OKs Auto Reform Bill 

_News_

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New Jersey‘s top insurance regulator said today that the state‘s recently voted auto insurance measure should push down premium prices.

"We want to develop a competitive, vital marketplace. What this bill does is it creates a competitive marketplace, and consumers will have choices, and that will have a downward pressure on rates," Holly C. Bakke, New Jersey banking and insurance commissioner told National Underwriter.

On Thursday the auto insurance reform package was given final approval by a unanimous vote in the Assembly. The bill, which insurers hope will help repair their fractured marketplace, now goes to Gov. Jim McGreevey, who is expected to sign it in the next couple of weeks.

"Right now, New Jersey drivers are finding it hard to find auto insurance at any price. This represents a victory for the consumers," said Ms. Bakke.

Sources:
- National Underwriter (http://www.nationalunderwriter.com/pandc/hotnews/viewPC.asp?article=5_19_03_13_9077.xml)