Implementation of a new regulation to prevent spikes in New Jersey urban area auto insurance rates is progressing, but still must clear a few hurdles, including a legal challenge from several insurance associations, the state's insurance commissioner said.
The coming rule known as the Territorial Rating Equalization Exchange (TREE) was first mentioned in January 2007 as a planned replacement for the state's urban enterprise zones (UEZ).
Under the UEZ, rates in urban areas of the state cannot be more than 35 percent above the average statewide rate. The UEZ framework is scheduled to sunset in April 2009.
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