New Jersey Insurance Information Portal
Insurance in the State of New Jersey has been regulated since 1891. Over the last 130 years, the organizations have gone through several waves of restructuring, ending up with the current regulatory body: the New Jersey Department of Banking and Insurance (NJDOBI) which is then overseen by the federal National Association of Insurance Commissioners (NAIC).
In addition to overseeing all the lines of insurance sold in the state, NJDOBI is also responsible for insurance education, insurer solvency, licensing services, consumer inquiries, market conduct examinations, anti-fraud functions, and much more.
NEW JERSEY INSURANCE 101
General information about the insurance industry in New Jersey
What is the Purpose of Insurance in New Jersey
The purpose of insurance in New Jersey is to protect businesses and individuals from personal risks, liability risks, or property risks that may otherwise lead to larger losses. Insurance contracts function to allow you (the insured) to transfer your risks to the insurance provider, by paying a fee (premium) for this protection.
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What Organizations Provide Protection to Insurance Consumers in New Jersey and What Do They Do?
The State of New Jersey protects its residents on the insurance market in multiple ways. Besides the overall regulation through the New Jersey Department of Banking and Insurance (NJDOBI), state guaranty associations also play a pivotal role in the stability of the industry as a whole.
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How Insurance Works in New Jersey
Insurance in New Jersey is offered by the government, private, and public organizations...
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The Most Important Insurance
The desire to feel safe and secure is one of the basic human needs. Insurance helps us do just that, by making sure that we ourselves, the people around us, and our stuff are covered, in case of an emergency, loss, or damage.
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Things you should know about New Jersey insurance
How To Save Money on Insurance
The best thing one can do to save money on insurance New Jersey insurance, by type: Health, Auto, Home, Life, and Commercial.
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