N.J. Admin. Code § 11:1-31.3

Current through Register Vol. 56, No. 11, June 3, 2024

Section 11:1-31.3 - General requirements

(a) No surplus lines agent shall place any coverage in this State with any unauthorized insurer which is not an eligible surplus lines insurer in this State, except for the placement of an insurance risk pursuant to N.J.S.A. 17:22-6.4 5(h), where insurance on a risk eligible for export is not procurable from eligible surplus lines insurers. No unauthorized insurer shall become an eligible surplus lines insurer unless made eligible by the Commissioner in accordance with N.J.S.A. 17:22-6.4 5 and this subchapter.

1. Notwithstanding anything in this subchapter to the contrary, pursuant to the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), 15 U.S.C. §§ 8201 et seq., no surplus lines producer shall be prohibited from placing surplus lines insurance with, or procuring such insurance from, an alien insurer that is listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department of the NAIC.

(b) No alien insurer may provide surplus line coverage with respect to an insured for which this State is the insured's home state unless such alien insurer is listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department of the NAIC.

(c) No certificate of eligibility shall be issued to a foreign applicant unless it demonstrates:

1. That it is authorized to write the type of insurance in its domiciliary jurisdiction; and

2. Has capital and surplus or its equivalent under the laws of its domiciliary jurisdiction which equals the greater of:

i. The minimum capital and surplus requirements for the type(s) of insurance under 17:17-1 et seq.; or

ii. $ 15,000,000.

(d) All information submitted pursuant to this subchapter shall be sent to: New Jersey Department of Banking and Insurance

Office of Solvency Regulation

Attention: Surplus Lines Insurer Eligibility

PO Box 325

Trenton, New Jersey 08625-0325

N.J. Admin. Code § 11:1-31.3

Amended by R.2001 d.75, effective 3/5/2001.
See: 32 N.J.R. 4184(a), 33 N.J.R. 794(a).
Amended by R.2006 d.307, effective 9/5/2006.
See: 37 N.J.R. 4156(a), 38 N.J.R. 3586(a).
In the address in (c), substituted "Office of Solvency Regulation" for "Financial Exams Division".
Amended by R.2012 d.112, effective 6/4/2012.
See: 44 N.J.R. 548(a), 44 N.J.R. 1701(b).
Add (a)1; rewrote (b); added new (c); and recodified former (c) as (d).