SECTION 1. The Office of the Attorney General shall convene a task force to assess the potential costs and benefits of municipally sponsored auto insurance programs, and draft standards and regulations by which such insurance programs shall operate. Regulations shall include establishing a State-run umbrella network under which the municipal auto insurance programs shall be joined, for reinsurance purposes and cost leveling among low risk and high risk localities. This study shall include assessing potential revenue which Towns and Cities could derive from local auto insurance programs, such revenue to pay for services required for safe automobile traffic: street maintenance, traffic lights, police services, and snow plowing.
SECTION 2. The task force shall submit a report, including draft standards and regulations, to the appropriate committees on municipal finance and automobile insurance within 6 months of the effective date of this act.
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