Current through Register Vol. 56, No. 24, December 18, 2024
(a) The exportable list is as follows:
1. Amusement Devices, Parks and
Carnivals;
2. Animal
Mortality;
3. Armored
Cars;
4. Auto Racing and Race
Tracks;
5. Day Care Center
Liability;
6. Difference In
Condition;
7. Environmental
Impairment Liability Insurance;
8.
Excess and Buffer Liability;
9.
Excess Loss and Excess Aggregate for Self-Insurers; Public Liability and
Workers' Compensation;
10. Golf
Driving Range;
11. Fine Arts
Dealers;
12. First Loss and Excess
of First Loss Insurance;
13. House
Movers and Building Demolition;
14.
Kidnapping, Ransom and Extortion Insurance;
15. Manufacturers and Contractors Liability
for Floor Waxers, Building Maintenance People, Window Washers and
Exterminators;
16. "Large Risks"
which means any insured:
i. Which procures
insurance for any property casualty risk by use of the services of either an
employee who is a full-time insurance manager or buyer, or a regularly and
continuously retained qualified insurance consultant; and
ii. Whose aggregate commercial premiums for
insurance (excluding, Life, Health and Accident, Annuities and Workers'
Compensation insurance) total at least $ 500,000;
17. Motor vehicle coverage as follows:
i. Physical Damage Coverage for Limousines;
and
ii. Physical Damage Coverage
for Trucks, including trailers and trailer interchange (over 10,000 pounds) for
Non-Fleet (one to five) risks, and commercial fleet (over five) risks
irrespective of gross vehicle weight;
18. Mortgage Impairment;
19. Pony Rides/Riding Academies;
20. Physical Damage Coverage for Private
Passenger and Commercial Vehicles with an original cost new of $ 60,000 or
above;
21. Product Liability
Products or Products Recall Coverage;
22. Professional Liability insurance as
follows:
i. Errors and Omissions;
and
ii. Professional Liability
except:
(1) Legal malpractice
liability;
(2) Medical malpractice
liability
(A) Hospitals Professional
Liability
(B) Physicians and
Surgeons Professional Liability
(C)
Dentist Professional Liability
(D)
Employees Professional Liability
(E) Nurses Professional Liability
(F) Optometrists Professional
Liability
(G) Physiotherapists
Professional Liability
(H)
Chiropodists Professional Liability
(I) Surgery Centers Professional
Liability;
23. Short Term Events;
24. Skating Rinks (Roller and Ice) and Skate
Board Parks;
25. Swim Clubs/Swim
Pools;
26. Vacant and Unoccupied
Building;
27. Warehouseman's Legal
Liability;
28. Automobile Personal
Injury Protection (PIP) coverage in excess of $ 250,000;
29. Commercial auto liability for taxicabs
and limousines; (Eligible Surplus Lines insurer's certificate of eligibility
must state that they are permitted to write this risk.)
30. Commercial auto liability for
intermediate and long-haul trucking; (Eligible Surplus Lines insurer's
certificate of eligibility must state that they are permitted to write this
risk.)
31. Liquor
Liability;
32. Employment Practices
Liability;
33. Livestock Gross
Margin Policies for Dairy Cattle;
34. Gap Coverage for Private Passenger and
Commercial Automobile;
35. Flood
insurance for primary and excess coverage; and
36. Transportation company contingent
liability for workers compensation.
(b) With the exception of Special Risk
Disability and Personal Accident Coverage as set forth in (b)3 and 4 below, the
following kinds of insurance, if sold by eligible surplus lines insurers, are
specifically not eligible for export, since the Department has determined that
they are procurable from authorized or admitted insurers after a diligent
effort:
1. Health insurance, including
specific excess or aggregate excess purchased by self-funded health benefit
plans, as defined by
N.J.S.A. 17B:17-4.
2. Annuities including Funding Agreements or
Guaranteed Investment Contracts (GIC's) as defined by
N.J.S.A. 17B:17-5.
3. "Special Risk Disability and Personal
Accident Coverage" means insurance providing coverage on a professional
athlete, a professional musician or entertainer, or an executive essential to
the insured's business operations obtained by a policyholder who procures
insurance:
i. For risk of financial loss
caused by the cessation of earned income due to disability from sickness,
ailment or bodily injury;
ii. For
risk of financial loss caused by a contractual requirement to pay an executive
or other person essential to the insured's business operations who can no
longer perform his or her duties due to disability from sickness, ailment or
bodily injury;
iii. For risk of
accidental death in an amount equal to or exceeding $ 1,000,000 in face amount
only where no reasonable or adequate market exists among admitted insurers;
or
iv. For risk of financial loss
caused by a contractual requirement to pay an executive or other person
essential to the insured's business operations who can no longer perform his or
her duties due to death. Such coverage, where no reasonable or adequate market
exists among admitted insurers, must be purchased in an amount equal to or
exceeding $ 1,000,000 in face amount only and with a policy period not to
exceed 24 months.
4.
Insurance providing coverage on a person that is not a professional athlete,
professional musician or entertainer, or executive or other person essential to
a business operation, for any of the risks listed in (b)3i through iv above may
be placed with an eligible surplus lines insurer after a diligent effort has
been made by a licensed New Jersey insurance producer to procure the insurance
from authorized or admitted insurers. The New Jersey surplus lines producer
that placed such insurance shall submit a separate report to the Life and
Health Office of the Department of Banking and Insurance of placements made
during each calendar quarter, within 15 days after the end of such calendar
quarter. Such report shall include a copy of the certification of diligent
effort (Form No. SLPS-6CERT) and a description of the nature of the risk and
the basis of export. This reporting requirement shall apply to placements made
through December 31, 2012.
(c) Life insurance is specifically not
eligible for export pursuant to N.J.S.A. 17:22-6.40 et seq.
(d) The Department shall publish and update
on its website a list of Unauthorized Insurers that qualify as Eligible Surplus
Lines Insurers in New Jersey.