On May 24, 2024, the New Jersey Department of Banking and Insurance (NJDOBI) issued Bulletin No. 24-07 regarding the new minimum limits of liability insurance for certain commercial motor vehicles and/or autocabs.
The bulletin references P.L.2023, c. 276, the Act that was signed into law, which increases the minimum limits of liability insurance coverage the owner and/or operator of a commercial motor vehicle and/or an autocab must maintain. The Act goes into effect on July 1, 2024, and applies to all insurance policies initiated on or renewed after such effective date.
Insurers must file any policy forms that need to be updated by June 24, 2024. Any required rate filings must be submitted to implement the new minimum coverage amounts no later than July 31, 2024.
Please see Bulletin No. 24-07 for more information. For any questions regarding the bulletin, please contact Carmen Williams with the Office of Property and Casualty Insurance at carmen.williams@dobi.nj.gov.