Agents Join N.J. Insurer Lobby
NU Online News Service, May 13, 10:41 a.m. EST?The Professional Insurance Agents of New Jersey has joined the Coalition for Auto Insurance Competition, whose aim is the reform of the state's auto insurance laws.
The Newark based association said PIANJ joins another agent association, the Independent Insurance Agents of New Jersey, and industry trade associations, the American Insurance Association, the Insurance Council of New Jersey, and the National Association of Independent Insurers.
The coalition says its aim is to call for reforms that would attract auto insurers to the state, create competition and increase consumer choice. The coalition wants to do away with the take-all-comers regulatory rating system in the state and allow for "industry-accepted standard underwriting."
The association is also looking to eliminate the 6 percent ceiling on companies' profits. Companies must reimburse customers if they exceed the ceiling.
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