The bill establishes the Automobile Accident Injury Fund within the Department of Banking and Insurance to provide financial assistance for medical costs incurred by individuals injured in automobile accidents involving stolen vehicles. This initiative responds to the rising incidence of automobile thefts in New Jersey, which saw a significant increase in reported thefts in 2021. The fund aims to support those who may not have health insurance or automobile insurance coverage, ensuring that they are not burdened with the full cost of medical bills resulting from such accidents.

The Department of Banking and Insurance is tasked with creating regulations for the fund, including the application process for eligible individuals and the criteria for determining payment amounts. Notably, the bill stipulates that payments will be issued without consideration of whether the stolen vehicle was adequately insured under state law. This provision is designed to ensure that victims of accidents involving stolen vehicles receive necessary medical support regardless of the insurance status of the vehicle involved.