Coalition Urges Assembly Banking and Insurance Committee to Support Choice and Competition Act.Business Editors NEWARK, N.J.--(BUSINESS WIRE)--May 2, 2003 The Coalition for Auto Insurance Competition is urging the Assembly Banking and Insurance Committee to favorably release the "New Jersey Automobile Insurance Choice and Competition Act," scheduled for consideration May 5, 2003. The New Jersey Automobile Insurance Choice and Competition Act (S-63/A-2625) would reform current law by giving more choices to consumers and encouraging competition among New Jersey's automobile insurance carriers. "This bill's enactment would mark a first step toward reform," said John Friedman, the Coalition's chairman. "This plan is the foundation upon which a competitive market can be built." The Coalition believes the state's excessive regulation of auto insurance is the culprit behind the lack of auto insurance choice and competition in New Jersey. In the last decade, more than 20 auto insurance companies have left the Garden State, and currently four of the six largest insurers do not write any business in the state. New Jersey has 47 percent fewer companies selling auto insurance than Illinois and more than a third fewer than neighboring New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Pennsylvania. "Having to operate under the state's restrictive and difficult regulatory regime, where insurers are told what products to sell, to whom they must sell and how much to charge, companies will lack an incentive to remain and invest in New Jersey," said Friedman. "Drivers need a regulatory system that promotes competition, encourages companies to sell auto insurance, and creates a stable market that offers more choices for consumers." Senator Ronald L. Rice (R-Newark) sponsors S-63, and Assemblymen Louis D. Greenwald, (D-Cherry Hill) and Christopher Bateman Christopher "Kip" Bateman (born October 9 1957 in Somerville, New Jersey; also known as "Kip") is an American Republican Party politician, who has served in the New Jersey General Assembly since 1994, where he represents the 16th legislative district. , (R-Branchburg) are prime sponsors to the companion bill, A-2625. Co-sponsors to A-2625 are Assemblywoman Nilsa Cruz-Perez Nilsa Cruz-Perez (born January 21, 1961 in Puerto Rico) is an American Democratic Party politician, who has served in the New Jersey General Assembly since 1995, where she represents the 5th legislative district. , Assemblyman Gary L. Guear, Assemblyman Matt Ahearn Matt Ahearn is an American politician, who served in the New Jersey General Assembly, where he has represented the 38th legislative district from 2002 to 2004. Ahearn represented a district which covers an area between the Passaic and Hudson Rivers in suburban Bergen County. , Assemblyman Joseph Cryan, Assemblyman Willis Edwards, Assemblyman Peter J. Biondi Peter J. "Pete" Biondi (born June 23, 1942) is an American Republican Party politician who has served in the New Jersey General Assembly since 1998, where he represents the 16th legislative district. , Assemblyman Robert J. Smith, Assemblyman Jack Connors, Assemblyman Richard A. Merkt Richard A. "Rick" Merkt (born July 30 1949) is an American Republican Party politician, who has served in the New Jersey General Assembly since 1998, where he represents the 25th legislative district. , Assemblyman David W. Wolfe David W. Wolfe (born October 11, 1942) is an American Republican Party politician, who has served in the New Jersey General Assembly since 1992, where he represents the 10th legislative district. , Assemblyman Alex DeCroce, and Assemblyman Joseph Penacchio. The Coalition for Auto Insurance Competition includes the National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy Citizens for a Sound Economy (CSE) is a conservative political group operating in the United States, whose self-described mission is "to fight for less government, lower taxes, and less regulation. , National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development) Latino Chamber of Commerce of Mercer County, and the Commerce and Industry Association of New Jersey. # CHOICE AND COMPETITION # |
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