New Jersey S1385 clarifies that contracts between subscribers and their attorneys in fact are not considered related party transactions.
New Jersey S1385 amends the law concerning reciprocal insurance and interinsurance contracts. It specifies that contracts between subscribers and their attorneys in fact, along with any fees associated with these contracts, are not to be considered related party transactions. This change aims to clarify the legal status of such contracts and fees, ensuring they are not misconstrued as related party transactions. The bill takes effect immediately upon enactment.
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