ILR's Kim: NJ Lawmakers on Verge of "Jeopardizing" State's Innovative Reputation

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July 31, 2018

U.S. Chamber Institute for Legal Reform Executive Vice President Harold Kim has an op-ed in NJBiz on two bills making their way through the New Jersey Legislature that may “drive up insurance costs and encourage frivolous litigation.”

One bill will expand the grounds for “bad faith” lawsuits against insurance companies that could turn “simple mistakes” into “time-consuming and expensive lawsuits.” Kim cites a study from Milliman Research Associates that found the bill could increase auto insurance premiums “by 20 percent to 40 percent, and increase homeowners insurance by 17 percent.” The second bill would broaden “pain and suffering” awards under the state’s Wrongful Death Act that could turn litigation “into an unpredictable and speculative mess.”

Kim said the lawmakers in the Garden State should “do the right thing for their state and its great legacy of fostering innovation” by rejecting both bills.