Agriculture Industry Impact
Pursuant to P.L. 1998, c.48, the Right to Farm Act, and N.J.S.A. 52:14B-4(a) of the
Administrative Procedures Act, the Department does not expect any agriculture industry impact
from the proposed amendment.
Regulatory Flexibility Statement
Surplus lines insurers are all non-domestic companies, therefore, none of these insurers
are “small business” as defined in the Regulatory Flexibility Act, N.J.S.A. 52:14B-16 et seq.
Consequently, it is unnecessary to establish different standards for any surplus lines insurer
based on company size.
The proposed amendment does not impose any additional reporting or recordkeeping
requirements. The addition of commercial liability insurance to the Exportable List lessens
reporting and recordkeeping requirements for surplus lines agents and insurance producers
which are “small businesses” as defined in N.J.S.A. 52:14B-16 et seq. The Department notes
that N.J.S.A. 17:22-6.40 et seq. does not provide exemptions or different compliance
requirements based on a producer’s business size. In order to ensure that New Jersey insureds
on surplus lines policies receive the protections afforded to them by that law, the proposed
amendment provides no differentiation in compliance requirements based on business size.
Smart Growth Impact
The proposed amendment will have no impact on the achievement of smart growth and
implementation of the State Development and Redevelopment Plan.