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.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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