The New Jersey Insurance Department has notified surplus lines producers that it has not completed updating rules on fees and that they should continue to adhere to the $50 fee limitation until further notice.
The department said it is continuing to work on rules to change the limitation on fees surplus lines producers may charge an originating broker from $50 to an amount specified by the Commissioner of Banking and Insurance.
In July, New Jersey law was amended to be effective October 1, 2010, to change the limitation on fees surplus lines producers may charge an originating broker from $50 to an amount set forth by the Commissioner of Banking and Insurance pursuant to regulation.
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