The Coalition for Auto Insurance Competition announced that the Professional Insurance Agents of New Jersey (PIANJ) has joined the Coalition in the effort to bring much needed reform to the state’s auto insurance laws in order to promote choice and competition.
“PIANJ supports reforms that will lead to a competitive auto market,” stated 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.”
The coalition was formed by the American Insurance Association, Insurance Council of New Jersey, National Association of Independent Insurers and member companies. It seeks to “bring about meaningful and responsible auto insurance reform in New Jersey, and has taken the lead in calling for reforms that will attract more auto insurers to New Jersey, “spurring competition and increasing consumer choice.”
The Coalition’s bulletin indicated that it supports reforms which “include permitting companies to use industry-accepted standard underwriting methods already used in nearly every state and adjusting the low ceiling on company profits to permit a reasonable rate of return.”
According to its announcement, “The latest figures show New Jersey has 47 percent fewer companies selling auto insurance than Illinois and more than a third fewer than neighboring New York and Pennsylvania. More than twenty auto insurance companies have left New Jersey in the past ten years.”
“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,” stated John Friedman, the coalition’s chairman.
The PIANJ joins the Independent Insurance Agents of New Jersey, which also represents New Jersey insurance agents, as a Coalition member.