Bill Text: NJ S150 | 2012-2013 | Regular Session | Introduced
Bill Title: Requires homeowners insurers to provide buyer's guide.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-01-10 - Introduced in the Senate, Referred to Senate Commerce Committee [S150 Detail]
Download: New_Jersey-2012-S150-Introduced.html
STATE OF NEW JERSEY
215th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2012 SESSION
Sponsored by:
Senator BARBARA BUONO
District 18 (Middlesex)
SYNOPSIS
Requires homeowners insurers to provide buyer's guide.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act concerning homeowners insurance and supplementing chapter 36 of Title 17 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. An insurer that is authorized to transact the business of homeowners insurance in this State shall:
(1) create a homeowners insurance buyer's guide and file a copy with the Commissioner of Banking and Insurance; and
(2) provide insureds at the time of renewal of a homeowners insurance policy and applicants at the time of application for a homeowners insurance policy with a homeowners insurance buyer's guide, written in plain language.
b. Each homeowners insurance buyer's guide shall contain:
(1) a brief description of all policy coverages, benefit limits, and perils insured against available under each policy form offered by the insurer; and
(2) a statement on how the policy coverages, benefit limits, and perils insured against under each policy form deviate from the corresponding Insurance Services Office standardized policy form.
c. The commissioner shall make each homeowners insurance buyer's guide available to the public on the department's Internet website.
d. The commissioner shall promulgate standards for the homeowners insurance buyer's guide.
2. This act shall take effect on the 90th day next following enactment, but the commissioner may take such anticipatory action as the commissioner deems necessary to effectuate the purposes of this act.
STATEMENT
This bill requires insurers that are authorized to transact the business of homeowners insurance in this State to create a homeowners insurance buyer's guide and file a copy with the Commissioner of Banking and Insurance. The bill also requires homeowners insurers to provide insureds at the time of renewal of a homeowners insurance policy and applicants at the time of application for a homeowners insurance policy with a homeowners insurance buyer's guide, written in plain language. The buyer's guide must contain a brief description of all policy coverages, benefit limits, and perils insured against available under each policy form offered by the insurer and a statement on how the policy coverages, benefit limits, and perils insured against under each policy form deviate from the corresponding Insurance Services Office standardized policy form.
The bill also requires the commissioner to make each homeowners insurance buyer's guide available to the public on the department's Internet website.
