PIANJ President Comments on Progress of N.J. Auto Reforms

January 12, 2004

PIANJ President John D’Agostino Jr., CIC, joined Holly Bakke New Jersey’s Department of Banking and Insurance Commissioner, and other industry representatives at Governor James E. McGreevey’s press conference on Friday in which he reported significant progress in increasing competition and coverage availability in the state’s auto market. (See today’s headline article)

The state released its report on the impact the governor’s auto reform package has had since its June 2003 passage. According to statistics taken from the report, most consumers are now able to get auto insurance coverage within a week instead of months following the regulatory changes. Simultaneously, the number of cases prosecuted by New Jersey’s Office of Insurance Fraud has doubled.

“Today’s event was an acknowledgement that reforms are working, and that companies, agents, the governor’s office and the Department of Banking and Insurance are coming together to ensure New Jersey policyholders get a fair deal,” said D’Agostino Jr.

Bakke added that less red tape has made the state more attractive to insurers. “I think the days of auto insurance companies fleeing from New Jersey are over,” she stated.

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