Licensing Requirements: Surplus lines brokers are required to be licensed under New Jersey law. N.J. Stat. Ann. §§ 17:22A-38, 17:22A-34. To receive surplus lines authority, an applicant must hold property and
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. All premium funds shall be held
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Insurance producers may charge a fee for services rendered
A producer acting as a broker or consultant may charge a fee only under the terms of a written agreement signed by the customer stating that the fee is not
What entities are covered? “Any business that conducts business in New Jersey, or any public entity that compiles or maintains computerized records that include personal information.” § 56:8-163(a). Is there
