Topic: New Jersey Developments

2018 Statewide Elections: A Mixed Bag for Insurers?

All eyes have been focused on the federal mid-term elections and the impact on the U.S. House and Senate. Post-mortems by the pundits have begun. See Locke Lord’s take on the mid-terms. The divided government in Washington, D.C. may well stymie efforts to regulate the insurance industry at the federal level, except in very limited circumstances where bi-partisan accord can be achieved.

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Eliminating education and occupation as auto insurance underwriting factors

A bill was recently introduced in the New Jersey Senate that would prohibit the use of education and occupation as rating factors in automobile insurance underwriting. This leads to taking a closer look at the debate over the years and insurance industry’s contention that accurate premium rates require a comprehensive list of risk factors.

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Attention, Health Insurers: Unique Encryption Requirements in NJ

As further analyzed in our QuickStudy, available here, New Jersey has enacted a new law (P.L. 2014, c. 88, codified at N.J. Stat. Ann. §§ 56:8-196 – 56:8-198) effective August 1, 2015, requiring health insurance carriers authorized to issue health benefits plans in New Jersey to encrypt personal information that they store electronically.

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NAIC: Edwards Wildman Roundtable with Richard Schlesinger, Chief of Reinsurance and Surplus Lines New Jersey Department of Banking and Insurance

Edwards Wildman hosted a roundtable at the 2013 NAIC Fall National Meeting in Washington, DC with Richard Schlesinger, Chief of Reinsurance and Surplus Lines, from the New Jersey Department of Banking and Insurance for a discussion about the New Jersey Reinsurance Certification Program. 

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New Jersey issues Order to Speed Up Processing of Superstorm Sandy Claims

On February 5, 2013, the New Jersey Department of Banking and Insurance (“DOBI”) issued Order No. A13-104 (the “Order”) requiring insurers to expedite their response to claims complaints resulting from Superstorm Sandy. Insurers must now respond to inquiries from DOBI within five business days of receipt of a DOBI claim inquiry, and may only request one extension for an additional five business days in which to respond. 

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Sandy: Déjà Vu?

Seven years ago, Hurricane Katrina made landfall in New Orleans.  In the days that followed Katrina, we and others who focus on questions of insurance coverage debated whether the devastation in Mississippi and Louisiana had been caused by water or by wind.  We discussed slabs, anti-concurrent causation clauses, levees, efficient proximate cause, valued policy laws, and local and national political dynamics. 

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“Sandy” Brings Costs to Homeowners, but not Hurricane Deductibles

In response to the extensive damage suffered throughout the northeastern corridor during October, 2012 as a result of Superstorm Sandy, multiple state insurance agencies are intervening on behalf of homeowners by announcing that they will not be required to pay hurricane deductibles on their insurance policies. 

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New Jersey Reduces Seasoning Requirements for Foreign and Alien Property and Casualty Insurers

As of July 2, 2012, the seasoning requirements under NJAC 11:1-10.4 for foreign and alien property and casualty insurers have been reduced.  Now, an insurer seeking a New Jersey Certificate of Authority to transact property and casualty insurance must have only three (3) years of qualifying operating history instead of five (5) years. 

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Resolution Critical of the New Jersey Department of Banking and Insurance Amendments to the Personal Injury Protection Regulations Introduced to the New Jersey State Senate

N.J. State Senator Nicholas Scutari (D-22nd Dist.) introduced Senate Concurrent Resolution No. 105 (the “Resolution”), which is critical of a proposed amendments by the New Jersey Department of Banking and Insurance (the “Department”) affecting the personal injury protection (“PIP”) regulations promulgated under the Automobile Insurance Cost Reduction Act of 1998 (the “Act”). 

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New Jersey Issues Bulletin Revising Standards for Equity Indexed Annuity Products

On December 28, 2011, the New Jersey Department of Banking and Insurance (the “Department”) issued Bulletin 11-31 (the “Bulletin”) revising standards for equity indexed annuities (EIA), which are annuity contracts with a value based on performance of a specified equity-based index (or indices).  The Bulletin comes in response to the evolution of EIA product designs, and in light of prevailing low interest rates. 

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