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N.J.A.C. 11:1-34.6 - page 4 / 5

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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.

Full text of the proposal follows (addition indicated in boldface thus):

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