NU Online News Service, Aug. 05, 3:40 p.m. EDT
New Jersey Insurance Commissioner Thomas B. Considine has proposed to repeal a regulation to establish new rating territories in an effort to level out automobile insurance rates throughout the state.
The Department of Banking and Insurance adopted in early 2008 the Territorial Rating Equalization Exchange (TREE). Its purpose was to promote competition in New Jersey and require insurers to make payments to the exchange. The payments would be used to pay subsidies to companies that write auto insurance in urban zones.
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