Current through Register Vol. 56, No. 18, September 16, 2024
(a) Producers licensed in accordance with the
Act and this chapter shall be authorized to write the kinds of insurance
designated, if qualified by each authority set forth below.
1. Life Authority: All coverages defined as
"life insurance" in
17B:17-3; and all coverages
defined as an "annuity" in
17B:17-5.
2. Accident and health or sickness Authority:
all coverages defined as "health insurance" in
17B:17-4.
3. Property Authority: All coverages written
by authorized insurers for direct and consequential loss or damage to property
of any kind including fire and allied lines, earthquake, growing crops, ocean
marine, inland marine, boiler and machinery, credit property, burglary and
theft, glass, sprinkler leakage and water damage, livestock, smoke or smudge,
physical loss to buildings, radioactive contamination, mechanical breakdown or
power failure, and other property loss.
4. Casualty Authority: All coverages written
by authorized insurers for coverage against legal liability from death,
disability, injury or damage to real or personal property including employers'
liability, automobile liability bodily injury, automobile liability property
damage, other liability, credit casualty, other casualty loss, fidelity and
surety, workers' compensation, mortgage guaranty insurance and municipal bond
insurance.
5. Surplus Lines
Authority: All coverages written by unauthorized insurers and defined as
"surplus lines" in N.J.S.A. 17:22-6.4 2.
6. Title Insurance Authority: All policies of
insurance guaranteeing or indemnifying owners of real property or others
interested therein against loss or damage suffered by reason of liens,
encumbrances upon, defects in or the unmarketability of the title to said
property, guaranteeing, warranting or otherwise insuring by a title insurance
company the correctness of searches relating to the title to real property, or
doing any real business in substance equivalent to any of the
foregoing.
7. Variable life and
variable annuity: all coverages defined as a "contract on a variable basis"
pursuant to
17B:28-1.
8. Personal lines Authority: All property and
casualty insurance coverage sold to individuals and families for primarily
noncommercial purposes.
9. Limited
lines Authority includes:
i. Bail
bonds;
ii. Car rental
insurance;
iii. Credit
insurance;
iv. Pet
insurance;
v. Travel
insurance;
vi. Group mortgage
cancellation;
vii. Legal expense
insurance;
viii. Portable
electronics insurance;
ix. Special
nonresident limited lines. This authority shall be limited to those authorities
for which the applicant is licensed in his or her home state and for which
there is no corresponding authority in this State.
x. Other nonresident limited lines. This
authority shall be limited to those limited line authorities in which the
applicant is licensed in his or her home state and for which there is no
corresponding authority in this State.
(b) The Department is authorized to issue
nonresident licenses containing the above authorities regardless of whether the
authority conferred by the nonresident applicant's home state license precisely
matches the kinds or lines of insurance described above, so long as they are
generally comparable. No nonresident licensee shall be authorized to transact
business for any kind or line of insurance for which the licensee is not
authorized in its home state.
(c)
No person shall be authorized to transact business regarding contracts on a
variable basis unless that person also holds a securities license as required
by this State or any other state or Federal law, as applicable, and maintains
an active producer license in this State with variable life and variable
annuity authority.
