Bill > A1266

Introduced Session

This bill decreases the premium receipts tax for surplus lines coverage, whether procured directly by the insured or through a surplus lines agent, from 5% to 3%. This decrease represents a reduction in this tax to the same level at which it existed prior to the enactment of P.L.2009, c.75. Additionally, in response to this decrease, the bill clarifies that of the 3% premium receipts tax paid, all of it shall be paid to the treasurer of the New Jersey State Firemen's Association in the case of any surplus lines policies that cover fire insurance on property located in a municipality or fire district with a duly incorporated firemen's relief association. This is merely a continuation of the current law's dedication, and accounts for the bill's elimination of the additional 2% tax on such policies, which under P.L.2009, c.75 was forwarded to the Commissioner of Banking and Insurance.

AI Summary

Committee Categories

Lou Greenwald (D)*,  Gary Schaer (D)*,  Harold Wirths (R)*,  Parker Space (R), 

Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 01/14/2020)