Senator Jennifer Beck (R-Monmouth) lauded an Assembly panel for advancing her bill, S2505, which facilitates fair flood insurance settlements and hold insurance companies accountable to state laws.
“It is absolutely unacceptable that thousands of Monmouth County families have been without a home since Sandy struck, having received slow responses or low ball offers from flood insurers,” Beck said. “Politics should not block this bill allowing swift recovery for Superstorm Sandy victims being neglected or shortchanged by their insurance companies. I thank the Assembly for getting the ball rolling today.”
Beck introduced S2505 in January to hold New Jersey licensed flood insurers accountable to state laws. The bill specifies that, though flood insurance is administered by the Federal Emergency Management Agency (FEMA) and the National Flood Insurance Program (NFIP), the actual claims process must adhere to New Jersey Department of Banking and Insurance (DOBI) laws and regulations. It also establishes a process for DOBI to enforce provisions of what is referred to as the “Unfair Practice Act” that outlaw unfair or unreasonably delayed settlements.
“Let’s forget the politics that are preventing Republican bills from advancing,” Beck urged. “Legislation like this is simply good public policy and should be treated accordingly in the Senate, I urge the Senate leadership to act on this bill swiftly. Victims of Sandyshould not have to suffer further at the hands of flood insurers.”
Beck’s bill was introduced in January and has been referred to the Senate Commerce Committee. The Assembly version, introduced in February, was passed by the lower house’s Financial Institutions and Insurance Committee.