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N.J.A.C. 11:1-34.6 - page 3 / 5

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admitted insurers in this State for these types of risks based on the testimony and information

received by the Department at the most recent annual hearing on the list.

The Department believes that the best interests of New Jersey’s policyholders will be

served by this amendment because these changes may permit additional carriers to provide this

difficult-to-procure coverage.

Economic Impact

The proposed amendment does not require insurers or surplus lines producers to add

additional staff. The proposed amendment may have an impact on limousine operators in that

they may be able to obtain coverage from insurers at more competitive, as opposed to

prohibitive, rates.

Federal Standards Statement

A Federal standards analysis is not required because the proposed amendment relates

to the business of insurance and is not subject to any Federal requirements or standards.

Jobs Impact

The Department does not believe that the proposed amendment will cause any jobs to

be generated or lost. However, to the extent that the rules in this subchapter help promote a

healthy insurance marketplace in New Jersey, the climate for business and job growth is

improved.

The Department invites interested parties to submit any data or studies concerning the

job impact of the proposed amendment together with their written comments on other aspects of

the proposal.

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