ASSEMBLY INSURANCE COMMITTEE

STATEMENT TO

SENATE, No. 862

with committee amendments

STATE OF NEW JERSEY

DATED: MAY 5, 1997

      The Assembly Insurance Committee reports favorably and with committee amendments, Senate Bill No. 862.

      As amended by the committee, this bill provides that automobile insurers must give named insureds at least 60 days' advance notice of nonrenewal of an automobile insurance policy. In addition, the bill provides that an insurer must give at least 30, but not more than 45, 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.

      As amended, this bill is identical to Assembly Bill No. 1785 (1R).