New Jersey Automobile Insurance Risk Exchange

The New Jersey Automobile Insurance Risk Exchange (NJAIRE) is a statutory organization established in 1984 to compensate insurer members for claims paid for non-economic loss and claim adjustment expenses. Membership in NJAIRE is mandatory for all insurance companies licensed to provide private passenger automobile insurance in New Jersey, including residual market mechanisms.

NJAIRE operates exclusively through assessments, expenses, and costs paid by New Jersey automobile insurance companies, and its primary objective is to provide compensation for claims that would not have been incurred if the injured party had elected the less costly tort limitation option provided under statute.

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