Provides that contracts between subscribers and attorney in fact are not related party transactions.

Summary

The bill lets individuals, partnerships, trustees and corporations in New Jersey trade reciprocal or interinsurance contracts with each other and with out‑of‑state parties, except for life insurance. It also clarifies that any contracts or fees between a subscriber and its attorney‑in‑fact are not treated as related‑party transactions. This change aims to simplify insurance arrangements and limit regulatory overlap.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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