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.”
Was this article valuable?
Here are more articles you may enjoy.
Natural-Disaster Insurance Gap Now Exceeds $420 Billion Globally 
Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them 
Acrisure Goes After Former Owners of Businesses it Acquired for Leaving to Compete 
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
