NJ Governor Vetoes Bill Saying Insurance Agents Are Not Fiduciaries
May 15, 2019 by Diana Britton
New Jersey Gov. Phil Murphy has been an outspoken proponent of the state’s proposed fiduciary rule, which he called “some of the strongest investor protections in the nation.” So when a state bill was passed that would eliminate a fiduciary standard for insurance producers, he, naturally, vetoed it.
Murphy announced Monday that he was sending Senate Bill No. 2475 back for reconsideration, with several recommended changes.
“My administration is firmly committed to strong consumer protections, particularly in light of the current federal administration’s attempted rollback of a number of pro-consumer rules and regulations,” Murphy said in a statement. “The Bureau of Securities stepped up to fill the void when it announced its proposal in September 2018, separately from the legislation now on my desk. This is just one example of how my administration is standing up for New Jersey residents in the face of a hostile federal administration. Senate Bill No. 2475 (Second Reprint) would run counter to these efforts.”
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