In an open letter to New Jersey’s Assistant Insurance Commissioner Wheeler, the Professional Insurance Agents of New Jersey commented on two proposed rules he is considering: Private Passenger Automobile Insurance; Use of Alternate Underwriting Rules-PRN 2003-418 and Insurance Scenarios-PRN 2003-419.
On Alternate Underwriting the PIANJ said it “supports the department’s goal to implement the provisions of the new auto reform law that will phase out the requirement to provide coverage to all eligible persons within five years.” The bulletin then gave details of the questions and observations it has on the measure.
Concerning the Insurance Scenario rules the PIANJ said: “The proposal would require insurers to provide each new applicant seeking automobile insurance, and any insured upon request, with three insurance scenarios demonstrating the effect of different coverage choices.” It indicated that it “supports the department’s goal to educate consumers regarding their choices of insurance coverages.”
The letter indicated that while “the insurance scenario proposal accomplishes this goal by ensuring that consumers are given at least three insurance scenarios,” the organization has “has some concerns and questions regarding this proposal.”
The PIANJ noted in its first comment that the “proposal does not eliminate the current requirement for insurance agents and brokers to provide applicants with premium quotations for every insurer they represent.” It then listed a series of other concerns.
The full bulletin may be consulted on the PIANJ’s Website: wwwpiaonline.org/NJ/.
Topics Underwriting
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