Automobile Insurance Risk Exchange

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.