If you are looking to purchase New Jersey Insurance or even if your policy needs renewing and you want to look at your options from a site like this, then you should be familiar with the laws surrounding insurance and what measures are in place to protect you. There are 15 principal departments in the New Jersey government and one of these departments in the New Jersey Department of Banking and Insurance. The responsibility of this department is to regulate the banking and insurance industries in order to ensure that fair practice is enforced. It also aims to educate consumers about common problems they may face within the industries and monitors financial stability.
Division of Insurance
The division of insurance has a lot of responsibility on its shoulders and is involved in all matters of New Jersey insurance. Not only does it regularly oversee the solvency of companies it also ensures consumer protection, examines licenses and also regulates insurance agents. There are two main sections within this division that focus on the tasks mentioned above.
The Property and Casualty Section
This section takes the responsibility for all the rules and forms that are related to property and casualty insurance. These rules are then forwarded out the various private insurance providers within the state. The section is also responsible for making sure that these rules are followed by the insurance providers. This section is also responsible for regulating the premium rates set by insurance providers in an effort to protect customers from unfair costs.
The Life & Health Bureaus
This section of the division works to review and approve all annuity contracts, life insurance forms, as well as synthetic guaranteed investment contracts. The reason they do this is to ensure that all of the contracts issued comply with the local and national insurance laws and regulations. A further responsibility for this section is to oversee the health insurance programs put in place by the state of New Jersey, this includes the Individual Health Coverage program and the Small Employer Health (SEH) program. Both of these programs have been put in place purely to be of benefit to state residents. They allow all individuals regardless of the individual’s age, financial status or health status to receive health insurance coverage. This coverage can also be extended to cover any dependents that an individual may have. Furthermore in the case of SEH an individual will continue to receive coverage even when they are no longer employed.