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. It stipulates 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 legislation 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. The bill is set to take effect immediately and will apply to insurance policies that are issued, executed, delivered, or renewed after the effective date.