The Long Road To Personal Automobile Insurance Reform In.pptVIP

The Long Road To Personal Automobile Insurance Reform In New Jersey March 2006 Bernie Flynn Senior Vice President General Counsel NJM Insurance Group New Jersey Automobile Insurance History – 1970s No-Fault System adopted in 1972 Residual Market/Assigned Risk mechanism grew to cover 1.2 million drivers (one out of every four) Tight regulatory control over rate setting Companies began to exit the market, including GEICO and Nationwide New Jersey Automobile Insurance History – 1980s Overburdened Assigned Risk Plan replaced by a Joint Underwriting Association (the “JUA”) in 1982 15 servicing c