Provides that contracts between subscribers and attorney in fact are not related party transactions.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill clarifies that contracts between insurance subscribers and their attorneys in fact are not considered ‘related party transactions’ under New Jersey insurance law. Currently, these transactions could be subject to specific regulations. The bill aims to simplify the regulatory framework for reciprocal and interinsurance contracts by explicitly excluding these agreements from related party transaction rules. This change is intended to reduce unnecessary regulatory burdens and streamline the process for insurance exchanges.
Bill text
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Document of record
- Version
- Third Reading Reprint
- Published
- Not published in the source record
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Sponsors
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1 on record
Primary sponsor
Joseph Lagana
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