TRENTON, N.J. – The Assembly voted in favor of a bill (A1924) sponsored by Assemblywoman BettyLou DeCroce to help veterans in New Jersey obtain employment in the insurance industry.
The legislation waives the initial insurance producer licensing fee for honorably discharged veterans who are New Jersey residents, have passed the licensing exam and met any other requirements for licensure. A producer is a person licensed to sell, solicit or negotiate insurance.
“Veterans bring a unique background and skillset to the insurance industry, but may lack the ability to pay the licensing fee if they are unemployed,” said DeCroce (R-Morris). “Removing a fee is the least we can do to give our veterans transitioning to civilian life a path to gainful employment.”
According to the Department of Labor, the veteran unemployment rate was 3.3 percent in November, up slightly from 3.2 percent in October.
Under the bill, the Department of Banking and Insurance is authorized to waive the initial $190 licensing fee. The department is currently permitted to waive fees for disabled war veterans.
Affected veterans include those who served in any branch of the active or reserve military or National Guard.
The bill passed Monday by a 77-0 vote and waits further consideration in the Senate.