State Farm leaving New Jersey auto insurance in dispute
New Jersey insurance regulatory authorities Friday that it has serious doubts about the State Farm Indemnity Company’s insurance plan for stopping motorists to July 2003.
“We do not believe they need to stop in the year 2003,” said William Heine, spokesman for the State Department for banks and insurance. “While his interest is directly party, we have an interest more important: the protection of motorists in New Jersey.
If the state stops farm policy renewal in a short time, it could cause serious problems in New Jersey’s insurance market car. Most other insurers do not have the resources for a large number of new customers.
State Farm compensation, the state of major auto insurers, more than 800000 cars in June, announced its withdrawal from New Jersey.
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