NJ Senate Bill 2841 increased the minimum limits of liability insurance coverage that must be maintained by owners and/or operators of commercial motor vehicles registered or principally garaged in New Jersey engaged in intrastate commerce.

The Act takes effect July 1, 2024 and applies to all insurance policies initiated on, or renewed after, this date. Thus, insurers must file any policy forms that need to be updated by June 24, 2024 and submit rate filings to implement the new minimum coverage amounts no later than July 31, 2024.