N.J. insurance bill sounds good but it will harm consumers, commissioners from two Southern states warn
As former insurance commissioners of states that have fallen victim to “bad faith” bills, we implore you to heed our warning.
The New Jersey Assembly is currently considering a bill that claims to ease access to the courts and increase the damages collectible in a claim against an insurance company. This may sound like a consumer protection, but trust us, the unintended consequences and premium increases that result from this type of “bad faith” legislation will do more harm than good for New Jersey consumers.
We know. We speak from experience