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February 29, 2008

N.J. drivers pay highest insurance, report says
September 25, 2007
Philadelphia Business Journal – New Jersey drivers pay more for auto insurance than drivers in any other state, according to a report released by the National Association of Insurance Commissioners.

The state's drivers paid an average of $1,184 in premiums and expenditures to insure each vehicle in 2005, down about $10 since reforms aimed at increasing competition in the state's auto insurance market were implemented in 2003.

In Pennsylvania, the average cost to insure a vehicle climbed from $726 in 2001 to $850 in 2005. In Delaware, premiums and expenditures increased from an average of $851 in 2001 to $1,028 in 2005. The nationwide average was $829, up from $726 in 200.

Underwriting costs, driving locations, accident rates, traffic density, auto theft statistics, repair costs and state laws can all affect a state's expenditures premiums, which make direct state-to-state comparisons difficult, NAIC said.

Banking Conference Promotes Cooperation Against Terrorism
November 3, 2005
EAST BRUNSWICK – New Jersey Banking and Insurance Acting Commissioner Donald Bryan today announced the successful completion of an anti-money laundering and anti-terrorism conference attended by more than 450 Money Service Business owners and regulators representing nearly 90 percent of the New Jersey market. Financial professionals including money transmitters and check cashers joined federal and state regulators at the conference held Oct. 24 at the East Brunswick Hilton.

The purpose of the conference stemmed from the unique challenges posed by today's post-9/11 financial market in New Jersey and throughout the nation. Regulators and industry professionals face these tests as they work to protect citizens against terrorism while at the same time trying to promote and stimulate the growth of the financial services industry.

“Terrorists must support themselves financially both to live and develop their heinous plans,” Attorney General Peter C. Harvey told the Money Service Business owners in his opening remarks. “Often, they support themselves through financial crimes. It is a joint responsibility of the financial community and law enforcement to choke off funds which terrorists will use to further their evil and destructive ends.

Topics covered during the day-long seminar included cooperative enforcement between state and local officials, money laundering, terrorist funding and government regulatory policy on compliance and risks.
William J. Fox, Director, Financial Crimes Enforcement Network (FinCEN), U.S. Department of Treasury was the conference keynote speaker. “This conference has put the New Jersey Department of Banking and Insurance on the map,” said Fox. The director emphasized that regulators are committed to ensuring that money transmitters and check cashers complying with the law will have reasonable access to banking services.

“We believe in an open and ongoing dialogue between all regulators and Money Service Businesses,” said Director H. Robert Tillman, Division of Banking, Department of Banking and Insurance. “Money transmitters and check cashers are an integral part of New Jersey 's financial services community and we are deeply committed to them while ensuring that anti-terrorism and anti-money laundering laws are enforced.”

Afternoon break-out sessions allowed for more personal interactions between government regulators and Money Service Business owners. Speakers provided regulatory information to Money Service Businesses, mortgage bankers and brokers, car dealerships, home repair contractors, sales finance professionals and credit union executives.

“This conference was all about state and federal regulators communicating with Money Service Business owners and getting the message out to them that we are here to work with them, not against them,” said Acting Commissioner Bryan.

Medical Malpractice Liability Insurance Subsidy Payments Are In the Mail
October 25, 2005
TRENTON – New Jersey Banking and Insurance Acting Commissioner Donald Bryan today announced that the first subsidies are being distributed to eligible medical practitioners pursuant to the Medical Malpractice Liability Insurance Premium Assistance Fund (MMLIPA). The subsidy payments, nearly $11,000 each to 1,200 physicians, implement an important section of the New Jersey Medical Care Access and Responsibility and Patients First Act of 2004. The Act seeks to protect medical access for New Jersey residents in part by offering assistance in the payment of medical malpractice insurance premiums for physicians in certain high-risk specialties.

Practitioners and healthcare providers in the following medical specialties and subspecialties were eligible to apply for a subsidy from the Fund to be distributed this month:

• Obstetric/gynecology (practices otherwise limited to gynecology alone are excluded);
• Neurosurgery; and
• Diagnostic radiology (Limited to radiologists who read mammograms. The radiologist must be a New Jersey board certified or board eligible radiologist and be certified as meeting the requirements under the Federal Mammography Quality Standards Act and regulations).

“It is important for all medical practitioners to understand that this is the first year of a three-year program,” said Acting Commissioner Bryan. “The MMLIPA subsidy is one of the key components of the medical malpractice insurance reform legislation.” Physicians who were not eligible for the subsidy this year will be included in the review next year and some of those practitioners may be found to be eligible.

This past summer, the Department of Banking and Insurance accepted applications from practitioners who are eligible for the MMLIPA subsidy. The Department worked in consultation with the New Jersey Department of Health and Senior Services in determining which medical specialties and subspecialties were eligible for assistance this year.

While 65 percent of the Fund is dedicated to premium relief, the remainder will benefit hospital charity care, NJ FamilyCare and student loan reimbursement for obstetricians and gynecologists who are committed to practicing in the state.

Acting Governor Codey Signs Bills to Boost Banking Regulation
Aug. 18, 2005
TRENTON – Acting Governor Richard J. Codey today signed into law S-2424/A-3981, a bill that strengthens enforcement powers at the Division of Banking and A-3176/S-1760, a bill that creates a stable source of funding for the Division.

“These two bills are great news for consumers of our state-chartered banks,” said Codey. “These laws provide the Division of Banking with the resources and tools to further protect consumers.”

Codey signed the bill during a public ceremony at the State House where he was joined by Banking and Insurance Acting Commissioner Donald Bryan and Division of Banking Director H. Robert Tillman. Bryan and Tillman said the new laws will give the Division a more solid financial base and stronger powers to issue fines and remove directors, officers, employees and major stockholders from regulated depositories. The laws apply to all state-chartered banks, savings banks and savings and loan associations.

Banking enforcement bill sponsors include Sen. Raymond J. Lesniak (D-Union), Sen. Gerald Cardinale (R-Bergen), Assemblyman Neil M. Cohen (D-Union) and Assemblyman Christopher Bateman (R-Somerset). Banking funding bill sponsors include Sen. Barbara Buono (D-Middlesex), Sen. Leonard Lance (R-Hunterdon), Assemblyman Joseph Cryan (D-Union) and Assemblyman Joseph R. Malone, III (R-Burlington).

“With dedicated funding, the Division's resources would be completely funded by industry, without cost to the public or the State's General Fund,” said Bryan. “The enforcement bill strengthens the Division's statutory authority which will ultimately help consumers.”

New Jersey's financial services market is among the top ten in the nation. The new banking laws will provide a more predictable funding source for the Division. A steady funding source and broader statutory authority will help the Division in its enforcement and regulation efforts aimed at maintaining a strong, stable and competitive financial services market.

“When economic conditions are bad, financial institutions may become vulnerable and consumers may need more protection. Regardless of economic fluctuations, the Division will have the financial resources to regulate its industries and the authority to take action when warranted. These laws will help the Division supervise financial institutions and protect consumers even when economic conditions are bad,” said Tillman.