Bill Text: NJ S3281 | 2020-2021 | Regular Session | Introduced
Bill Title: Establishes "Commission on Pandemic Insurance Coverage."
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-12-14 - Introduced in the Senate, Referred to Senate Commerce Committee [S3281 Detail]
Download: New_Jersey-2020-S3281-Introduced.html
Sponsored by:
Senator VIN GOPAL
District 11 (Monmouth)
SYNOPSIS
Establishes "Commission on Pandemic Insurance Coverage."
CURRENT VERSION OF TEXT
As introduced.
An Act establishing the "Commission on Pandemic Insurance Coverage."
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. There is established the "Commission on Pandemic Insurance Coverage." The purpose of the commission shall be to evaluate the feasibility of the inclusion of global virus transmission or pandemic coverage in business interruption insurance.
b. The commission shall consist of five members, as follows:
(1) the Commissioner of Banking and Insurance, ex officio, or a designee;
(2) two members of the Senate to be appointed by the President of the Senate, which members shall not be of the same political party; and
(3) two members of the General Assembly to be appointed by the Speaker of the General Assembly, which members shall not be of the same political party.
c. Appointments to the commission shall be made within 30 days after the effective date of this act. Vacancies in the membership of the commission shall be filled in the same manner in which the original appointment was made.
d. Members of the commission shall serve without compensation, but shall be reimbursed for necessary and reasonable expenses incurred in the performance of their duties as members of the commission within the limits of funds appropriated or otherwise made available to the commission for its purposes.
2. The commission shall organize as soon as practicable following the appointment of a majority of its members, but no later than 60 days after the effective date of this act. The commission shall select a chairperson from among its members and shall appoint a secretary who need not be a member of the commission. The commission shall meet at the call of the chairperson at the times and places it may deem appropriate and necessary to fulfill its duties.
3. It shall be the duty of the commission to evaluate the feasibility of the inclusion of global virus transmission or pandemic coverage in business interruption insurance policies, which includes, but is not limited to determining:
a. the cost to insurers of providing global virus transmission or pandemic coverage;
c. whether it would be feasible for the State to offer a reimbursement program for insurers who make payments on business interruption claims for losses due to a global virus transmission or pandemic.
4. The commission shall be entitled to call to its assistance and avail itself of the services of the officials and employees of the State and its political subdivisions and their departments, boards, bureaus, commissions, and agencies as it may require and as may be available to it for the purposes of the commission. The Department of Banking and Insurance shall provide staff support services to the commission.
5. The commission shall issue a report of its findings and conclusions to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), to the Legislature no later than one year following the first meeting of the commission.
6. This act shall take effect immediately and shall expire upon the submission by the commission of its report pursuant to section 5 of this act.
STATEMENT
This bill establishes the "Commission on Pandemic Insurance Coverage." The commission will consist of five members, which include: the Commissioner of Banking and Insurance, or a designee; two members of the Senate appointed by the President of the Senate; and two members of the General Assembly appointed by the Speaker of the General Assembly.
It will be the duty of the commission to evaluate the feasibility of the inclusion of global virus transmission or pandemic coverage in business interruption insurance policies, which includes, but is not limited to determining:
· the cost to insurers of providing global virus transmission or pandemic coverage;
· whether limiting global virus transmission or pandemic coverage to small and/or mid-size businesses would alleviate any additional costs incurred by insurers; and
· whether it would be feasible for the State to offer a reimbursement program for insurers who make payments on business interruption claims for losses due to a global virus transmission or pandemic.
The bill requires the commission to issue a report of its findings and conclusions to the Governor and the Legislature no later than one year following the first meeting of the commission. The commission and the bill expire upon the submission of the commission's report.
