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8th of February 2012

RRG option for New Jersey taxis gets stay of execution

10/06/2010

A Senate Bill to revise New Jersey’s taxicab laws which could prevent cab owners from insuring through a risk retention group (RRG) has been held back for amendments.

According to the New Jersey Captive Insurance Association (NJCIA), Senate Bill No. 1823 ‘Make sundry changes to taxicab laws’, which was on the Senate Transportation Committee’s agenda for discussion and possible vote, was held back from presentation and voting so it could be reviewed for possible amendments outside committee.

The bill requires cab owners to have an insurance policy of an admitted insurance company which is a member of the New Jersey Property-Liability Insurance Guaranty Association, a requirement which excludes RRGS,

The NJCIA, which said the requirement ran counter to its members’ interests, has been lobbying state government on the issue.

In a recent editorial, NJCIA president and founder Gregg Sgambati (pictured above) said the bill “appears to go head-to-head with the federal Liability Risk Retention Act of 1986”.

There are currently at least three RRGs insuring New Jersey cab owners that are not members of the New Jersey Property-Liability Insurance Guaranty Association.

If Senate Bill 1823 is passed as it currently stands then the NJCIA fears it will prevent these RRGs from underwriting New Jersey taxi firms.

Tags: New Jersey, Risk retention group, RRG

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Peter the Cab Owner 10/06/2010 6:49pm

Who are the members of this NJCIA?

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