NJ S723

Prohibits auto insurers from using credit history, education level, or occupation to determine insurance rates; requires underwriting rules to be based on driving record characteristics

Requires insurers to provide each policyholder a detailed written explanation of how their premium was calculated, including whether non-driving factors were used, accessible via the insurer's website

Mandates premium rate reductions for drivers who demonstrate safe driving behavior, with insurers permitted to require telematics systems to verify eligibility

Requires the Department of Banking and Insurance and Office of Insurance Fraud Prosecutor to issue a report on fraud detection activities within 18 months of enactment, then every three years thereafter

Takes effect 90 days after enactment and applies to policies issued, delivered, or renewed after that date