The New Jersey Automobile Insurance Risk Exchange (NJAIRE) was created by statute on January 1, 1984, for the purpose of compensating insurer members of the Exchange for claims paid for non-economic loss and claim adjustment expense which would not have been incurred had the less costly tort limitation option provided under statute been elected by the injured party filing a claim for non-economic loss.
Membership in NJAIRE is required for every insurer licensed to transact private passenger automobile insurance in New Jersey, including all applicable residual market mechanisms. All NJAIRE assessments, expenses and costs are exclusively paid by such New Jersey automobile insurance companies.
CHECK ADVISORY: In 2009 and 2010, it came to our attention that an individual was issuing fraudulent checks that were created to appear as checks issued by the New Jersey Automobile Insurance Risk Exchange. If you receive a check that is apparently issued by the New Jersey Automobile Insurance Risk Exchange and with whom you have not had previous business interactions, please contact the General Manager, Don Foth, at 973-209-4781 or gmanager@njaire.org.
