New Jersey A3240 clarifies that contracts between subscribers and their attorneys in fact are not considered related party transactions.
New Jersey A3240 amends the law concerning reciprocal insurance and interinsurance contracts. It specifies that contracts between subscribers and their attorneys in fact, along with any fees charged under these contracts, are not to be construed as related party transactions. This change aims to clarify the legal status of such contracts, ensuring they are not subject to related party transaction regulations.
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