N.J.S.A. 17:22-6.69d — Authority of commissioner to enter into compacts, agreements.

17:22-6.69d Authority of commissioner to enter into compacts, agreements. 4. a. Notwithstanding the provisions of section 24, 25 or 30 of P.L.1960, c.32 (C.17:22-6.58, C.17:22-6.59 or C.17:22-6.64) or any other law to the contrary, the commissioner is authorized, subject to the provisions of section 6 of P.L.2011, c.119 (C.17:22-6.69f), to enter into, modify and to terminate this State's participation in one or more compacts or agreements that establish procedures for the reporting, payment, collection and allocation, among the other states participating in those compacts or agreements, of the premium taxes for multi-state risks paid to this State as the home state pursuant to section 25 or 30 of P.L.1960, c. 32 (C.17:22-6.59 and C.17:22-6.64) or paid to any other state as home state as defined in section 7 of P.L.1960, c.32 (C.17:22-6.41) on a risk which is resident or located in this State. The compacts or agreements may address any matters necessary to facilitate the reporting, payment, collection and allocation of premium taxes on multi-state risks, including, but not limited to: (1) A method and formula for that allocation; (2) Establishment of uniform requirements, forms and procedures that facilitate the reporting, payment, collection and allocation of premium taxes on multi-state risks; (3) Establishment of a clearinghouse to facilitate the receipt and distribution of premium taxes and transaction data related to multi-state risks; and (4) The authority to collect and distribute taxes based on a single home state rate as well as the rates of other states. b. In determining whether to enter into one or more compacts or agreements, the commissioner shall consider: (1) The efficiencies to be achieved in the reporting, payment, collection and allocation of premium taxes on surplus lines insurance; (2) The amount of revenue to be generated through participation in any such compacts or agreements. The commissioner may consult with the State Treasurer in making this determination; and (3) Any other material factor relevant to the reporting, payment, collection and allocation of premium taxes on surplus lines insurance. L.2011, c.119, s.4.

This is the verbatim text of N.J.S.A. 17:22-6.69d, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.