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Letter to the Editor
Tuesday May 6
NJ Insurance Reform Approved by Assembly Committee
The General Assembly Banking and Insurance Committee of the state of New Jersey approved legislation correcting years of politically influenced auto insurance regulations that have eroded the availability of coverage for drivers. Voting unanimously, the Committee approved the New Jersey Automobile Insurance Competition and Choice Act, which aims to attract more auto insurers to do business in New Jersey and provide consumers greater and easier access to auto insurance coverage."Years of excessive regulations have turned New Jersey into a horror story for drivers seeking insurance," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Thanks to bipartisan leadership, New Jersey drivers are closer to reaping the benefits of a truly competitive auto insurance marketplace."
According to the Coalition, politicizing and over regulating auto insurance has been the root cause of the state's exodus of auto insurers, leaving consumers too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers have left New Jersey in the past decade.
"Considering the New Jersey's nationwide reputation to over regulate auto insurance, today's Committee vote has tremendous significance," said Friedman. "Today's bi-partisan vote is confirmation that lawmakers are serious about true reform. For drivers, today means there is hope that our auto insurance crisis may be near an end."
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