Recently, the Department of Banking and Insurance released Bulletin No. 24-10, requiring all insurers authorized or admitted to sell property/casualty insurance in New Jersey to participate in a comprehensive survey on low-income housing discrimination.
Facing discrimination in the insurance industry against low-income housing
The initiative highlights the increased scrutiny on discriminatory practices within the insurance industry, particularly those affecting low-income housing. Recently, New York state passed a law to prohibit insurers from inquiring about or making decisions based on the income level or source of tenants who are not the property owners.
Understanding the DOBI bulletin
Bulletin No. 24-10 mandated that all insurers authorized or admitted sell p/c insurance in New Jersey participate in a survey. The survey includes questions about carrier underwriting practices—particularly those related properties that are government regulated or receive government funding. Insurers must complete the survey, any supplementary documents and an affirmation form by Thursday, Aug. 22, 2024.
The DOBI has not yet disclosed how it will utilize the collected information. However, it is anticipated that the survey results will guide future regulatory actions.
Bradford J. Lachut, Esq.
Bradford J. Lachut, Esq., joined PIA as government affairs counsel for the Government & Industry Affairs Department in 2012 and then, after a four-month leave, he returned to the association in 2018 as director of government & industry affairs responsible for all legal, government relations and insurance industry liaison programs for the five state associations. Prior to PIA, Brad worked as an attorney for Steven J. Baum PC, in Amherst, and as an associate attorney for the law office of James Morris in Buffalo. He also spent time serving as senior manager of government affairs as the Buffalo Niagara Partnership, a chamber of commerce serving the Buffalo, N.Y., region, his hometown. He received his juris doctorate from Buffalo Law School and his Bachelor of Science degree in Government and Politics from Utica College, Utica, N.Y. Brad is an active Mason and Shriner.
