INSURANCE

DEPARTMENT OF BANKING AND INSURANCE

DIVISION OF INSURANCE

Data Submission Requirements for all Licensed Producers with Surplus Lines Authority and Eligible Surplus Lines Insurance

Adopted Amendments: N.J.A.C. 11:19-3.1, 3.2, 3.3 and 3.4.

Adopted Repeal: N.J.A.C. 11:19-3 Appendix A.

Proposed: January 2, 2001 at 33 N.J.R. 14(a).

Adopted: March 26, 2001 by Karen L. Suter, Commissioner, Department of Banking and Insurance

Filed: March 27, 2001 as R. 2001 d. 132, without change.

Authority: N.J.S.A. 17:1-8.1; 17:1-15e; and 17:22-6.40 et. seq.

Effective Date: May 7, 2001.

Expiration Date: January 23, 2003

Summary of Public Comment and Agency Response.

The Department received one comment from the General Star Management Company.

COMMENT: The commenter expressed its support for the Departmentís proposal. The comment suggested that the Department consider adopting the proposed changes on a permanent basis. The commenter does not believe that there is an advantage to the Department or surplus lines insurers by having this information submitted rather than being maintained.

RESPONSE: The Departmentís review of different mediums and processes for the reporting and submission of this information is not complete. The Departmentís review may either conclude that eligible surplus lines insurers should continue to maintain the requested information on a permanent basis, or may indicate that the information should be submitted to the Department. The Department has noted and will carefully consider the commenterís suggestions in its review and decision on the appropriate approach.

Federal Standards Statement

A Federal standards analysis is not required because these adopted amendments and repeal are not subject to any Federal requirements or standards.

Full text of the adopted follows: