NJ A4560

Creates a 17-member Joint Blue Ribbon Task Force within the Department of Banking and Insurance to assess climate change impacts on residential and commercial property insurance

Task force membership includes three state commissioners (or designees), four legislators (two from each chamber), five private sector representatives (insurance, real estate, business), three nonprofit advocates, and two academic experts

Required to analyze which properties are or will become uninsurable within 50 years due to climate risks like tidal flooding, storm surges, wildfires, and compound flooding events

Must evaluate how insurance market changes affect affordable housing inventory, real estate values, and displacement impacts on low and moderate income communities

Task force must submit findings and recommendations to the Governor and Legislature within one year of member appointments, after which it expires