NAIFA's New Jersey chapter (NAIFA-NJ) has been hard at work on the advocacy front and has recent wins to show for its efforts.
2 min read
NAIFA-NJ Celebrates Legislative Victories
Topics: State Advocacy Standard of Care & Consumer Protection New Jersey Grassroots Insurance & Financial Advisor Regulation Fiduciary
1 min read
NJ Bill on Insurance Lawsuits Includes NAIFA-Supported Amendment Excluding Producers
The New Jersey state Senate has passed the New Jersey Insurance Fair Conduct Act, which would permit a consumer to bring a private cause of action lawsuit against an insurer accused of an unreasonable claim denial or delay in payment of benefits.
Topics: Property & Casualty Insurance State Advocacy New Jersey
1 min read
NAIFA-NJ Pushes Back on Senate Bad Faith Bill
NAIFA-NJ recently put out a call to action to its members, asking them to contact their state senators to vote "No" on S-1559. The bill, the New Jersey Insurance Fair Conduct Act, would establish a private cause of action for first-party claimants against an auto insurer for an unreasonable delay or denial of a claim or for violating statutes prohibiting unfair or deceptive acts or practices.
Topics: Property & Casualty Insurance State Advocacy New Jersey
2 min read
NAIFA-NJ Fights Proposed Financial Transaction Tax
NAIFA-NJ is fighting two bills that establish a tax on high quantity processors of financial transactions, S-2902, and A-4402. NAIFA’s opposition is strengthened by coalition partners that consist of other trade associations representing 200,000 workers in the financial services industry in New Jersey, throughout the U.S., and other business groups in the state. On October 6, the coalition sent a letter to John McKeon, Chairman of the General Assembly, and Senate President Stephen Sweeney. The letter encouraged the lawmakers to consider the following as they debate moving forward with the legislation:
Topics: Retirement Planning Taxes State Advocacy New Jersey Grassroots
2 min read
NJ Joins List of States Offering Remote Licensing Exams for Insurance Producers
The New Jersey Department of Banking and Insurance announced on September 11 that individuals who want to take the insurance producer examination may do so remotely, even after the public health crisis ends.
Topics: State Advocacy New Jersey Insurance & Financial Advisor Regulation Producer Licensing & CE
1 min read
Financial Transaction Tax Introduced in New Jersey
The insurance industry in New Jersey faced a scare in mid-September when Senate President Steve Sweeney introduced S-2902, which would impose a tax on high-quantity processors of financial transactions at $0.0025 per transaction. The bill defines "high-quantity" as processors of 10,000 or more financial transactions through electronic infrastructure located in New Jersey during the year. There was speculation the funding mechanism would be attached to the state budget. Fortunately, the state budget was approved, and the transaction tax was not included.
