New Jersey Department of Banking and Insurance Commissioner Holly Bakke met with representatives from Professional Insurance Agents of New Jersey Inc. recently to discuss several issues that continue to make headlines across the state. The interview will be featured in PIA magazine’s September issue.
During the interview, Bakke outlined the initiatives that have or will take place during her tenure to help auto insurance consumers during this hard market.
“I can do three things: Make sure rates are fair for consumers, make sure rates are adequate and ensure consumers are dealing with a financially stable company,” Bakke said.
Bakke also had much to say on the issue of State Farm’s decision to discontinue writing policies in New Jersey.
“We’re working with the industry to ensure the process is as simple as it can be for policyholders.
“We’ll be undertaking a major consumer initiative to make sure policyholders get information from State Farm with an explanation of steps to take. Our department will be sending information and we’re going to open up a consumer office in Newark. Hopefully this will help not only State Farm policyholders, but all policyholders.”
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