The Preserver Group, which operates New Jersey insurer Motor Club of America, announced that the State’s Department of Banking and Insurance had granted the company’s request for further relief from the requirements of New Jersey’s “take all comers” laws.
Preserver’s net income was pushed into the loss column by the Sept. a 11 attacks, and by losses in its restaurant and NJ auto insurance operations (See IJ Website Nov. 15). It was given temporary relief from its obligations to write new policies and renew a number of previously written coverage in the State’s Urban Enterprise Zones in recognition that it had previously written double the amount required in these areas.
Motor Club has now been relieved of all obligations to comply with the assigned risk laws. “The relief will continue indefinitely until modified or vacated by the NJDOBI based on Motor Club’s financial condition,” said the announcement.
Topics New Jersey
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