S.3133

Eliminates the New Jersey Automobile Insurance Risk Exchange and redirects savings to the Pedestrian Safety Enforcement and Education Fund.

This bill eliminates the New Jersey Automobile Insurance Risk Exchange (AIRE), a statutory entity that compensated insurers for claims paid for non-economic loss and claim adjustment expenses. Membership in AIRE was mandatory for insurers licensed to transact private passenger automobile insurance in New Jersey. The bill mandates that any savings realized by insurers due to the elimination of AIRE be deposited into the Pedestrian Safety Enforcement and Education Fund, to be used for pedestrian safety initiatives.