New Jersey’s pay-to-play law (P.L. 2005, c. 271 Section 3), requires insurance agencies to file electronic annual disclosure statements by Thursday, March 30, 2023. Insurance agencies that have received $50,000 or more in the aggregate during the 2022 calendar...
Do road conditions effect the wellness of the U.S. economy?
According to data collected by the U.S. Department of Transportation and the U.S. Census Bureau, and analyzed by MoneyGeek, road conditions and the money spent on overall maintenance varies tremendously from state to state. What this seems to mean is that regardless...
Q&A: What you need to know about N.J.’s new handgun liability insurance law
Gov. Phil Murphy signed P.L. 2022, C.131 into law, which requires any person in the state carrying a handgun in public, to maintain liability insurance coverage. What you need to know about this new law: What does it say? The new law is a comprehensive gun safety law...
N.J.: An overview: Harford v. Z&D Realty LLC
The U.S. District Court, District of New Jersey held in the case of Harford Mutual Insurance Co. v. Z&D Realty LLC that insurance companies do not have an obligation to investigate whether insurance applicants were truthful on the applications and that...
N.J.: Compulsory handgun liability insurance bill signed into law
Legislation that will require owners of handguns who carry in public to purchase liability insurance has been signed into the law. As previously reported, the Legislature worked quickly to pass this new law, P.L. 2022, C.131. Originally, the legislation was introduced...
N.J.: Court ruling may affect duty-to-notify regarding workers’ compensation for LLCs
The Supreme Court of New Jersey issued an opinion last month that directly impacts the way insurance producers must handle workers’ compensation for limited liability companies. The court held in the case of Holm v. Purdy that insurance producers have an ongoing duty...
PIANJ testifies; ‘step-down’ bill passes state Assembly Committee
Representatives of PIANJ gave testimony before the New Jersey state Assembly Financial Institutions and Insurance Committee on Monday in support of legislation (A-1761) that would prohibit the use of most "step-down" provisions in personal automobile insurance...
N.J.: Get in front of renewal increases with your clients; PIANJ offers sample letter
Across the country, the insurance-buying public has seen sharp premium increases when their homeowners and automobile insurance policies are being renewed. In many cases, premiums are outpacing claims and expenses, as well as rising higher than inflation. The rules...
N.J.: Bill to require liability insurance for handguns passes state Assembly
A bill (A-4769) that would require any person in New Jersey who carries a handgun in public, to maintain liability insurance coverage passed the New Jersey state Assembly (43-29-1) earlier this month. According to the bill, the policy must provide coverage for loss...
N.J.: 2023 WC overall rate level decreases 6.1%
The New Jersey Compensation Rating and Inspection Bureau received approval from the Department of Banking and Insurance for a rate revision of -6.1% to become effective Jan. 1, 2023, applicable to new and renewal policies. The NJCRIB distributed Circular Letter No....