The New Jersey State Legislature has voted to eliminate the requirement that agents provide customers with multiple quotes for their private passenger automobile insurance.
The bill, A3863, was passed by the state Senate yesterday and sent to Gov. Jon Corzine for his signature. The state Assembly passed the bill in June on a unanimous vote. The Senate vote was 33-3.
As part of the state's 2003 auto reform package, agents were required to provide three quotes to customers demonstrating different coverage scenarios. Agents were also required to produce quotes for every company they represented in their agency.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
