Dec 7, 2012

Assembly committee hearing covers insurance issues from Sandy

The impact of the recent storm Sandy on insurance issues facing New Jersey residents were the subject of a public hearing Thursday, Dec. 6, 2012, by the State Assembly Committee of Financial Institutions and Insurance in Trenton.

Commissioner Kenneth Kobylowski of the Department of Banking and Insurance said that an estimated 452,000 claims had been filed to date on all lines of insurance. He also reported that the DOBI had received only 1,137 consumer inquiries to date, of which 262, or 2 percent, were formal requests for assistance to intervene on their behalf to speed up the claims process or intervene in a dispute with their insurer.

Among others appearing before the committee were representatives of New Jersey Manufacturers Insurance Co., Allstate Insurance Co. and the Insurance Council of New Jersey. They discussed the procedure and handling of claims, answering questions from members of the Assembly committee about issues confronted by their constituents.