New Jersey A3247 establishes a plan for homeowners unable to procure insurance, especially those affected by flooding.

New Jersey A3247 mandates the Commissioner of Banking and Insurance to create a plan for homeowners unable to obtain insurance through regular means, with a focus on those affected by flooding. Insurers in New Jersey must participate in this plan, which includes a rating system, a limited assignment distribution system, and actuarially sound loss reserves. The plan is not subsidized externally. The governing body must report annually on the plan's activities and soundness.

New Jersey A3247 establishes a plan for homeowners unable to procure insurance, especially those affected by flooding.

New Jersey A3247 mandates the Commissioner of Banking and Insurance to create a plan for homeowners unable to obtain insurance through regular means, with a focus on those affected by flooding. Insurers in New Jersey must participate in this plan, which includes a rating system, a limited assignment distribution system, and actuarially sound loss reserves. The plan is not subsidized externally. The governing body must report annually on the plan's activities and soundness.