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NJ S3061
Bill
Status
4/8/2024
Primary Sponsor
Renee Burgess
Click for details
AI Summary
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Amends New Jersey's legal insurance law to clarify that "legal insurance" means assuming a contractual obligation to provide specified legal services or reimbursement for legal expenses, with costs spread among a group of persons
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Creates a new exemption from legal insurance regulation for prepaid legal service arrangements where members pay in advance for specified legal services through an organization that contracts directly with attorneys for fixed, pre-arranged payments
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Specifies that under the new exemption, attorneys cannot receive additional payment or reimbursement beyond the fixed pre-arranged amounts from the organization for the specified legal services or expenses
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Maintains existing exemptions from legal insurance classification, including retainer contracts with individual clients, limited consultation plans, union-provided employment legal services, and ERISA-regulated employee benefit plans
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Takes effect 90 days after enactment
Legislative Description
Differentiates certain legal services from traditional insurance products.
Substituted by another Bill
Last Action
Substituted by A3802 (1R)
6/30/2025