The Professional Insurance Agents of New Jersey, Inc. has vigorously defended the position of the R.J. Gaydos Insurance Agency, which has sued the National Consumer Insurance Co. for wrongfully terminating its agency agreement in 1997.
A recent decision of the New Jersey Supreme Court sent the case back to the Department of Banking and Insurance with instructions to make a finding of fact on whether NCIC violated New Jersey’s Fair Automobile Insurance Reform Act (FAIRA) when it terminated Gaydos contract because the agency wrote a high volume of unprofitable automobile insurance. (See previous article, July 2).
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