FOR IMMEDIATE RELEASE: March 11, 2002
FOR FURTHER INFORMATION: BILL HEINE or PETER HARTT (609) 292-5064

WORKING GROUP CONVENED TO EXAMINE

TRENTON - Banking and Insurance Acting Commissioner Holly C. Bakke announced today the formation of a working group of consumer advocates, medical providers, attorneys and insurance industry representatives to examine New Jersey’s auto insurance system and propose improvements. The working group is just one part of the Department’s ongoing outreach efforts.

"I have asked representatives who are closest to this issue to come to the table with ideas that, if implemented, would bring new insurance companies to New Jersey and improve the auto insurance system for citizens, " Acting Commissioner Bakke said.

Thirty professionals will participate in the working group, which will be divided into three round tables. One team will examine what improvements need to be made to the existing auto insurance system. A second round table will investigate ways of promoting a competitive marketplace. The third group will explore ideas for more fundamental changes. The Department will continue to meet with other interested parties during this process, and is open to all ideas for improving auto insurance in New Jersey.

Acting Commissioner Bakke said the working group will provide insights into a matter of concern to all New Jersey policyholders, and give perspectives needed to develop solutions that provide real benefits to the citizens of New Jersey.