Bill Text: NJ A3642 | 2012-2013 | Regular Session | Introduced
Bill Title: Requires homeowners insurance consumer information brochure to contain one page summary of policy.
Spectrum: Slight Partisan Bill (Democrat 17-6)
Status: (Passed) 2013-05-06 - Approved P.L.2013, c.53. [A3642 Detail]
Download: New_Jersey-2012-A3642-Introduced.html
ASSEMBLY, No. 3642
STATE OF NEW JERSEY
215th LEGISLATURE
INTRODUCED JANUARY 8, 2013
Sponsored by:
Assemblyman RUBEN J. RAMOS, JR.
District 33 (Hudson)
Assemblyman GARY S. SCHAER
District 36 (Bergen and Passaic)
Assemblywoman LINDA STENDER
District 22 (Middlesex, Somerset and Union)
Assemblyman PAUL D. MORIARTY
District 4 (Camden and Gloucester)
Co-Sponsored by:
Assemblymen Amodeo, Wolfe, Assemblywoman Schepisi, Assemblymen Benson, DeAngelo, C.A.Brown, O'Donnell and Rumana
SYNOPSIS
Requires homeowners insurance consumer information brochure to contain one page summary of policy.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning homeowners insurance consumer information brochures and amending P.L.2001, c.409.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 4 of P.L.2001, c.409 (C.17:36-5.36) is amended to read as follows:
4. a. No homeowners insurance policy shall be issued, delivered or renewed in this State on or after the 90th day following the effective date of this act unless the policy is accompanied by a consumer information brochure written in a simple, clear, understandable, and easily readable way which:
(1) explains the insurer's hurricane deductible program, if any[, and which];
(2) includes the information on flood insurance required to be provided pursuant to P.L.2000, c.84 (C.17:36-5.31 et al.) and
(3) provides a one page summary of the policy, including notable coverages and exclusions under the policy, as determined by the Commissioner of Banking and Insurance.
b. The board of directors of the New Jersey Insurance Underwriting Association established pursuant to P.L.1968, c.129 (C.17:37A-1 et seq.) shall prepare and disseminate a consumer information brochure in accordance with the requirements of this section.
c. An insurer shall provide a consumer information brochure to an insured at least annually at the time of policy renewal, or as otherwise ordered by the commissioner.
(cf: P.L.2001, c.409, s.4)
2. This act shall take effect on the 90th day following enactment.
STATEMENT
This bill requires that the homeowners insurance consumer information brochure contains a one page summary of the policy. Under current law, at the time the homeowners insurance policy is issued and on an annual basis thereafter, insurers must provide a consumer information brochure that explains the insurer's hurricane deductible program, if any, and includes the information on the National Flood Insurance Program. The bill expands the consumer information brochure to also include a one page summary of the policy, including notable coverages and exclusions under the policy, as determined by the Commissioner of Banking and Insurance.
