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Homeowners Insurance and Supplementing Chapter 36 of Title 17

Homeowners Insurance and Supplementing Chapter 36 of Title 17

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Published by PatrickDiegnan
This bill requires insurers that are authorized to transact the
37 business of homeowners insurance in this State to create a
38 homeowners insurance buyer’s guide and file a copy with the
39 Commissioner of Banking and Insurance.
This bill requires insurers that are authorized to transact the
37 business of homeowners insurance in this State to create a
38 homeowners insurance buyer’s guide and file a copy with the
39 Commissioner of Banking and Insurance.

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Published by: PatrickDiegnan on Jul 25, 2012
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05/13/2014

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ASSEMBLY, No. 3054
STATE OF NEW JERSEY
215th LEGISLATURE
INTRODUCED JUNE 7, 2012
Sponsored by:Assemblyman PATRICK J. DIEGNAN, JR.District 18 (Middlesex)Assemblywoman LINDA STENDERDistrict 22 (Middlesex, Somerset and Union)SYNOPSIS
Requires homeowners insurers to provide buyer’s guide.
CURRENT VERSION OF TEXT
As introduced.
 
 
A3054
DIEGNAN, STENDER2
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concerning homeowners insurance and supplementing1chapter 36 of Title 17 of the Revised Statutes.23
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NACTED
by the Senate and General Assembly of the State
4
of New Jersey:
 561. a. An insurer that is authorized to transact the business of 7homeowners insurance in this State shall:8(1) create a homeowners insurance buyer’s guide and file a copy9with the Commissioner of Banking and Insurance; and10(2) provide insureds at the time of renewal of a homeowners11insurance policy and applicants at the time of application for a12homeowners insurance policy with a homeowners insurance buyer's13guide, written in plain language.14b. Each homeowners insurance buyer's guide shall contain:15(1) a brief description of all policy coverages, benefit limits, and16perils insured against available under each policy form offered by17the insurer; and18(2) a statement on how the policy coverages, benefit limits, and19perils insured against under each policy form deviate from the20corresponding Insurance Services Office standardized policy form.21c. The commissioner shall make each homeowners insurance22buyer's guide available to the public on the department’s Internet23website.24d. The commissioner shall promulgate standards for the25homeowners insurance buyer's guide.26272. This act shall take effect on the 90th day next following28enactment, but the commissioner may take such anticipatory action29as the commissioner deems necessary to effectuate the purposes of 30this act.313233STATEMENT3435This bill requires insurers that are authorized to transact the36business of homeowners insurance in this State to create a37homeowners insurance buyer’s guide and file a copy with the38Commissioner of Banking and Insurance. The bill also requires39homeowners insurers to provide insureds at the time of renewal of a40homeowners insurance policy and applicants at the time of 41application for a homeowners insurance policy with a homeowners42insurance buyer's guide, written in plain language. The buyer's43guide must contain a brief description of all policy coverages,44benefit limits, and perils insured against available under each policy45form offered by the insurer and a statement on how the policy46coverages, benefit limits, and perils insured against under each47

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