NJ S2267

Eliminates the New Jersey Automobile Insurance Risk Exchange (AIRE), a statutory entity that compensated insurers for claims paid for non-economic loss that would not have been incurred if policyholders had elected the less costly tort limitation option

Repeals sections 15 and 16 of P.L.1983, c.362 (C.39:6A-21 and 39:6A-22) and section 12 of P.L.1985, c.520 (C.39:6A-22.1), which established and governed AIRE

Removes all references to AIRE charges and AIRE compensation from insurance profit reporting requirements under the excess profits law

Requires any savings realized by insurers through AIRE's elimination to be deposited into the "Pedestrian Safety Enforcement and Education Fund" to address pedestrian safety problems

Takes effect on the first day of the third month following enactment