Professional Insurance Agents Of New Jersey Joins Coalition For Auto Insurance Competition.Business Editors NEWARK, N.J.--(BUSINESS WIRE)--May 8, 2002 The Coalition for Auto Insurance Competition today announced that the Professional Insurance Agents of New Jersey, an association representing independent insurance agents throughout the state, has joined the Coalition in the effort to reform New Jersey's auto insurance laws to promote choice and competition. "Insurance agents, by working directly with consumers, understand the need for a market 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 PIANJ PIANJ Professional Insurance Agents of New Jersey, Inc. joins the Independent Insurance Agents of New Jersey, which also represents New Jersey insurance agents, as a Coalition member. "PIANJ supports reforms that will lead to a competitive auto market," said PIANJ President Steven A. Reichman. "As an agent's association, one of our main goals is to achieve competition and create a marketplace where our members can present their customers a wide range of auto insurance products and offerings." 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. The Coalition 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 n. 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. The Coalition welcomes the participation of businesses, associations and consumers who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the 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, Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development), Somerset County Somerset County is the name of four counties in the United States and one in England. See:
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