SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No. 862

STATE OF NEW JERSEY

DATED: MARCH 7, 1996

      The Senate Commerce Committee reports favorably Senate Bill No. 862.

      This bill provides that automobile insurers must give named insureds at least 60 days' advance notice of nonrenewal of an automobile insurance policy. This is currently required by regulation. In addition, the bill provides that an insurer must give at least 60 days' advance notice of renewal to named insureds who qualify for the insurer's non-standard rate plan after having been insured in the insurer's standard rate plan. Currently, the regulations provide for at least 30 days' advance notice.