N.J. Assembly Passes Surplus Lines Legislation

The New Jersey Assembly unanimously passed Assembly Bill 2964 Thursday afternoon (78-0-0). S.B. 1991 was approved by the Senate Commerce Committee last week, and the Senate’s next voting session is Thursday, May 29.

S.B. 1991 would reportedly eliminate a requirement that surplus lines insurers must file all forms with the insurance department.

In passing the bill last week through the Senate Commerce Committee, Michael Koziol, senior director and counsel for the National Association of Independent Insurers (NAII), noted, “This is a major accomplishment brought about through a concerted effort of NAII and the surplus lines industry in New Jersey. NAII appreciates the support given by Senate leadership, and ongoing support by the Assembly leadership and the insurance department.”