PIA-Backed NCOIL Model Bill Introduced in New Jersey Assembly
The model bill regulating certificates of insurance that was unanimously adopted recently by the National Conference of Insurance Legislators (NCOIL), following a two-year campaign by PIA National, has been introduced in the New Jersey state assembly. The New Jersey bill would ban changes to certificate forms and would assert that certificates are not insurance policies and don’t provide different or extra coverage than the policy does. There has been pressure on agents from non-insurance entity third parties to issue certificates of insurance that conflict with underlying policy terms.
The bill will be referred to the Assembly Committee chaired by Assemblyman Gary S. Schaer (D-District 36), who chairs the New Jersey Assembly Committee on Financial Institutions and Insurance, for consideration at a meeting in the near future.
PIA National was instrumental at NCOIL meetings in winning approval of the model.