Vote Smart's Synopsis:

Vote to pass a bill that establishes the Task Force on the Impacts of Climate Change on Property Insurance in New Jersey.

Highlights:

• Establishes 17-member Joint Task Force to study current and predicted impacts of climate change on residential and commercial property insurance (Sec. 2)

• Establishes the following duties of the Task Force (Sec. 2):

• Assess how state and federal programs and the insurance industry may be keeping or putting people and property in harm's way;

• Determine which places does the price of insurance not reflect the risk that a property faces;

• Study which communities’ properties are or will be uninsurable at a reasonable cost in the next 50 years because of natural disasters; and

• Study the displacement and segregation impacts on communities in New Jersey. 

• Requires Task Force to submit a report containing a study and evaluation of its findings and recommendations to the Governor and Legislature no later than one year after its formation (Sec. 2).

• Specifies that this act takes effect immediately upon passage (Sec. 3).

Full Bill Text