Bill > S940

This bill modifies existing law regarding fees charged by surplus lines producers, who are licensed entities that can procure insurance from companies not licensed in the state, to originating brokers, who are the initial brokers bringing the business. Specifically, it changes the maximum fee a surplus lines producer can charge an originating broker for negotiating or obtaining surplus lines insurance. Instead of a fixed $50 limit, the bill allows the Commissioner of Banking and Insurance to set this fee amount through regulations, in addition to the actual costs for services provided by outside individuals or companies.