This bill mandates that insurance companies must be named as defendants in cases seeking recovery for economic or noneconomic losses resulting from incidents or accidents involving insured individuals or entities. The legislation specifies that during litigation and trials, the insurance company must be referred to by its legal name, as recognized by the Commissioner of Banking and Insurance, rather than any assumed or fictitious name. Additionally, the triers of fact in these cases will be informed of the legal name of the defendant.

The bill applies to all lines of insurance governed by Title 17 of the Revised Statutes or Title 17B of the New Jersey Statutes, with the exception of annuities. It is designed to enhance transparency in legal proceedings involving insurance claims and will take effect immediately for insurance policies issued, executed, delivered, or renewed after the enactment date.