The Professional Insurance Agents of New Jersey has commended the New Jersey Department of Banking and Insurance (DOBI) for proposing standards and procedures for surplus lines insurance procurement.
In a letter sent last week Steven Reichman, CIC, PIANJ president, stated that the organization “applauds the DOBI for its persistence and diligence in establishing standards and procedures for the procurement of insurance from surplus lines insurers and ineligible unauthorized insurers and for the use of surplus lines policy forms.”
The proposal sets out the procedures necessary for surplus lines agents to file forms and specifies the process by which producers can obtain coverage from ineligible unauthorized insurers.
The proposed rules will notify all New Jersey licensed insurance producers, including those with surplus lines authority, surplus lines insurers and ineligible unauthorized insurers of the requirements they must follow to place a customer with surplus lines insurers and ineligible unauthorized insurers,” said the announcement.
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