New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 33 - SURPLUS LINES INSURANCE: PROCUREMENT PROCEDURE
Section 11:1-33.2 - Definitions
The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise:
"Authorized insurer" means a domestic, foreign or alien insurer duly authorized by a Certificate of Authority issued by the Commissioner of the Department of Banking and Insurance of the State of New Jersey to transact the business of insurance in this State.
"Commissioner" means the Commissioner of the New Jersey Department of Banking and Insurance.
"Diligent effort" means a process by which a licensed New Jersey insurance producer places coverage on behalf of a New Jersey insured with a surplus lines insurer after the risk has been declined by three authorized insurers, each of which is authorized in New Jersey to write insurance of the kind requested and is an insurer that the producer has a good faith reason to believe might consider writing the type of coverage or class of insurance involved.
"Domestic surplus lines insurer" means a domestic property and casualty insurer formed pursuant to this subchapter designated a domestic surplus lines insurer pursuant to N.J.S.A. 17:22-6.6 9b and N.J.A.C. 11:1-28.
"Exempt commercial purchaser" is as defined in 15 U.S.C. § 8206(5).
"Export" or "exported" means to place with a surplus lines insurer pursuant to the New Jersey Surplus Lines Law, N.J.S.A. 17:22-6.4 0 et seq., insurance covering all or part of a subject of insurance resident, located, or to be performed in New Jersey.
"Exportable list" means a list of any class or classes of insurance coverages or risks declared and promulgated by the Commissioner pursuant to N.J.A.C. 11:1-34 for which there is no reasonable or adequate market among authorized insurers in this State.
"Home state" is as defined in 15 U.S.C. § 8206(6).
"Ineligible unauthorized insurer" means a foreign or alien insurer that is not duly authorized to transact business in this State by a current certificate of authority issued pursuant to the laws of this State and is not a surplus lines insurer.
"Producer" means a person engaged in the business of an insurance agent, insurance broker or insurance consultant pursuant to 17:22A-26 et seq., who is licensed pursuant to 17:22A-26 et seq., and who has property casualty authority.
"SLEO" means the Surplus Lines Examining Office.
"Surplus lines agent" means a person licensed pursuant to 17:22A-26 et seq. and N.J.A.C. 11:17 with the authority to place insurance coverages on behalf of surplus lines insurers.
"Surplus lines insurer" means a foreign or alien insurer that is eligible to transact surplus lines business in this State, pursuant to N.J.S.A. 17:22-6.4 0 and N.J.A.C. 11:1-31.
