Bill Text: NJ A586 | 2010-2011 | Regular Session | Chaptered

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Bill Title: Provides for certain surplus lines producer fees to be determined by regulation.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2010-07-02 - Approved P.L.2010, c.42. [A586 Detail]

Download: New_Jersey-2010-A586-Chaptered.html

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§2 - Note

 

P.L.2010, CHAPTER 42, approved July 2, 2010

Assembly, No. 586

(CORRECTED COPY)

 

 

An Act concerning certain surplus lines producer fees and amending P.L.2001, c.210.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Section 13 of P.L.2001, c.210 (C.17:22A-38) is amended to read as follows:

     13.  a.  No license granting surplus lines authority shall be issued or renewed unless the applicant holds or will hold property and casualty authorities.

     b.    No surplus lines producer shall charge any fee to an originating broker in connection with the negotiation or procurement of any contract of surplus lines insurance that shall exceed [$50] an amount set forth by the commissioner pursuant to regulation, plus the actual costs incurred for any services performed by a person that is not associated with the surplus lines producer, such as inspection services.

(cf: P.L.2001, c.210, s.13)

 

     2.    This act shall take effect on the first day of the third month next following enactment, but the Commissioner of Banking and Insurance may take any anticipatory administrative action in advance thereof as shall be necessary for the implementation of this act.

 

 

                                

 

     Provides for certain surplus lines producer fees to be determined by regulation.