Revises territorial rating plans used by insurers writing private passenger automobile insurance.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill updates the way New Jersey insurers calculate auto insurance rates. It requires the state’s insurance regulator to create new territorial rating plans for private passenger auto insurance. These plans must be based on geographic areas defined by zip code plus four digits and follow municipal boundaries closely, with a maximum of 100 territories. The goal is to create more precise and equitable risk assessments for insurers.
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Document of record
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Sponsors
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1 on record
Primary sponsor
Joseph Vitale
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