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NJ A4562

Bill

Official Source

Status

Introduced

3/10/2026

Primary Sponsor

Rosy Bagolie

Click for details

Origin

General Assembly

2026-2027 Regular Session

AI Summary

  • Automobile insurers offering standard or basic policies must provide consumers the option to purchase a 12-month term policy
  • Insurers retain the ability to offer policies with shorter or longer terms; the 12-month option is an additional requirement, not a replacement
  • The law would take effect 120 days after enactment
  • Intended benefits include locked-in rates for longer periods, easier-to-remember renewal dates, and potentially longer-lasting premium discounts

Legislative Description

Requires automobile insurance carriers offer policies with 12-month term.

Financial Institutions and Insurance

Last Action

Introduced, Referred to Assembly Financial Institutions and Insurance Committee

3/10/2026

Committee Referrals

Financial Institutions and Insurance3/10/2026

Full Bill Text

No bill text available