Insurance regulators in New Jersey are preparing to give the rules for auto insurance as the struggle continues with expenses relating to the personal injury protection (PIP) system within that state. Governor Chris Christie released a proposal on August 1, 2011, which suggested changes that are intended to decrease internal system use and claim settlement arbitration legal fees, and lower the overall costs for alternative providers. There will be approximately three thousand new treatment codes to be included into the system. For every dollar collected in premiums relating to PIP,…
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Former UK Justice Secretary, Jack Straw, calls for auto insurance reform
The call for reform of Britain’s auto insurance industry has gone out once again, this time from former Justice Secretary Jack Straw. The UK, along with several other nations including the U.S. and Germany, has been struggling with soaring auto insurance costs. Consumers have been having a difficult time finding affordable insurance, given the ramping costs. The nations insurers, on the other hand, have never before had such an influx of new customers thanks to a new law approved earlier this year that requires all citizens to have insurance for…
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