NJ Senate Comm. Passes Auto Reform
Wednesday, March 19th, 2003 Auto Legislation & RegulationAll that lobbying and demonstrating has apparently begun to pay off for New Jersey’s insurance community (See IJ Website Mar.18), as the state’s Senate Commerce Committee unanimously passed an amended version of S.B. 1999, the auto insurance reform bill supported by the insurance industry, which is now headed to the Senate floor. “We’re hoping the bill passes out of the Senate this week, and that we can get a special meeting of the Assembly Banking and Insurance Committee to get things moving,” stated Donald S. Cleasby, assistant vice president and assistant general counsel for the National Association of Independent Insurers. “Although the amended bill represents a compromise between legislators and insurers, it does include all key areas supported by the insurance industry, including ‘take all comers,’ excess profits, rating, withdrawal, and territorial rating," he continued.
