New Jersey Chamber of Commerce, Commerce and Industry Association of NJ, NJSEED Join Coalition for Auto Insurance Competition.Business Editors
NEWARK Newark, cities, United States
1 City (1990 pop. 37,861), Alameda co., W Calif., on the east side of San Francisco Bay; inc. 1955. , N.J.--(BUSINESS WIRE)--Feb. 27, 2002
The Coalition for Auto Insurance Competition today announced that three influential and respected business groups have joined the effort to fundamentally reform New Jersey's auto insurance laws.
"These groups recognize the need for a regulatory system that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers," said John Friedman, the coalition's chairman.
The New Jersey Chamber of Commerce, the Commerce and Industry Association of New Jersey and the New Jersey Society for Economic, Environmental Development join the New Jersey Retail Merchants Association, New Jersey Food Council, 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. , Independent Insurance Agents of New Jersey and the National Association of Mutual Insurance Companies as members of the coalition.
"By joining this coalition, we will play an active role in creating a more functional and competitive auto insurance market," said New Jersey Chamber of Commerce president Joan Verplanck.
Formed by the auto insurance industry's trade associations (American Insurance Association, Insurance Council of New Jersey, National Association of Independent Insurers) and member companies, the coalition welcomes the participation of businesses, associations and consumers who seek to work together to bring about meaningful and responsible auto insurance reform in New Jersey.
"Commerce and Industry has always supported the free market and free enterprise system and looks forward to fair and open competition in the state's auto insurance market," said Richard M. Goldberg, president of the Commerce and Industry Association of New Jersey.
"The rapid expansion of our coalition signals that the tide is building," said Friedman. "Between business group and individual membership, it is increasingly clear that New Jerseyans Noun 1. New Jerseyan - a native of resident of New Jersey
Garden Stater, New Jerseyite
American - a native or inhabitant of the United States acknowledge the need to create competition and choice in the state's auto insurance marketplace."
The group is calling for reforms that will attract more auto insurers to New Jersey, spurring competition and increasing consumer choice. These reforms include permitting companies to use industry-accepted standard underwriting Underwriting
1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt).
2. The process of issuing insurance policies. methods already used in nearly every state and adjusting the low ceiling on company profits to permit a reasonable rate of return.
The latest figures show New Jersey has 47 percent fewer companies selling auto insurance than Illinois Illinois, river, United States
Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. and more than a third fewer than neighboring neigh·bor
1. One who lives near or next to another.
2. A person, place, or thing adjacent to or located near another.
3. A fellow human.
4. Used as a form of familiar address.
v. 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 Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . More than twenty auto insurance companies have left New Jersey in the past ten years.
"It's only natural to expect that consumers will shop around for the best deal if they have more choices. Competition and choice benefit consumers and when companies compete, consumers win," said Friedman.