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N.J. Governor vetoes insurance coverage for small businesses



On Tuesday, New Jersey Gov. Phil Murphy refused to veto legislation that would have banned the cancellation or renewal of certain insurances and insurance premium financing agreements for at least 60 days during a state-declared state of emergency or public health care. ] SB 2354, which unanimously passed the State Assembly and Senate in September and October, respectively, would have ruled that insurance and contracts held by companies with 50 or fewer employees could not be suspended or renewed for non-payment during such a declared emergency. [19659002The bill would also require the insurers to insure premium financing companies and others who are regulated by the state department for banking and insurance to take measures to protect companies with 50 or to be hired on the day to extend the period of time to pay out the fees.
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