Surplus lines insurance bill passed in Budget Committee

A bill S2930 that revises the method for the regulation and collection of surplus lines insurance premium taxes by the Department of Banking and Insurance was passed by the Senate Budget Committee unanimously.

The revisions are intended to bring the surplus lines law into conformance with a federal law.

Committee Chair Sen. Paul Sarlo that that state would forfeit the right to these revenues if the state takes no action. “It means about $45 million to the state of New Jersey,’’ he said.

Surplus lines insurance bill passed in Budget Committee