S.4040

Revises territorial rating plans for private passenger automobile insurance.

Revises the territorial rating plans used by insurers writing private passenger automobile insurance. The bill requires the Commissioner of Banking and Insurance to establish rating territories that are geographic areas of the State defined by contiguous zip code+4, that follow municipal boundaries as closely as possible. The maximum number of territories in any territorial map may not exceed 100 territories. The bill also provides that the maximum number of territories in any territorial map may not exceed 100 territories.